50 Centavos Oro

Carlos Fabbri S.A. was a Lima-based commercial printer — not a specialist security printer — and their involvement in producing Peruvian banknotes during the 1930s reflects the constraints of the period rather than any deliberate policy choice. The Banco Central de Reserva had been established only in 1931, replacing the defunct Banco de Reserva del Perú, and early note production under the new institution was pragmatic and locally sourced.

The "Oro" denomination was nominally tied to a gold standard that Peru had effectively abandoned by 1932 under pressure from the global depression. The designation persisted on paper long after its practical meaning had dissolved.