25 Pesos

La Providencia was one of several Lima-based private banks that issued notes during the brief but chaotic Peruvian free banking period of the early 1860s, before the government moved to curtail private emission rights. These institutions operated under minimal regulatory oversight, and convertibility promises were frequently strained by the silver liquidity crises that plagued Pacific coast commerce throughout the decade.

Pick 202 is among the rarer survivals from this issuer. Private Peruvian bank paper from this period was redeemed, repudiated, or simply worn out of existence in large quantities — institutional continuity was short and collapse was common.