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50 Escudos Overprint on 50 000 Pesos P#123
| Issuer | Banco Central de Chile |
|---|---|
| Year | 1960-1961 |
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| Currency | Escudo (1960-1975) |
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| Obverse description | Blue-green and brown tones over a multicolor underprint, with a central portrait vignette of Arturo Fortunato Alessandri Palma (1868–1950), 17th and 21st President of Chile. The design retains the original 50,000 Pesos/5,000 Cóndores legends of the underlying P#123 issue. Guilloche patterning frames the composition throughout. |
|---|---|
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| Reverse description | Blue-green and brown on multicolor underprint, with the facade of the Banco Central de Chile in Santiago as the central vignette and the Chilean Coat of Arms at left. A red overprint applied to the P#123 base note introduces the new denomination of 50 Escudos. Guilloche borders frame the composition. |
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| Comments |
Chile's 1960 monetary reform lopped three zeros off the peso, creating the escudo at a rate of 1,000 pesos to one escudo. Rather than commission entirely new stock, the Banco Central authorized the Casa de Moneda to overprint existing 50,000-peso notes with the new denomination — a stopgap that kept currency physically available during the transition before purpose-designed escudo notes could be produced in sufficient quantity.
The overprint series is consequential for collectors precisely because its lifespan was short. Replacement notes arrived quickly, and overprinted examples were withdrawn and destroyed in volume. Surviving circulated specimens typically show the handling of an actively used bridging currency rather than a note anyone thought worth preserving.