500 Pesos

Waterlow & Sons held the contract for Uruguayan banknotes across much of the early twentieth century, and this high-denomination 500 Pesos belongs to a series that bridged a remarkably stable period in Uruguayan monetary history — the presidency of José Batlle y Ordóñez had already reshaped the banking system dramatically by 1911, placing the Banco de la República at the centre of public finance rather than leaving note issuance fragmented among private institutions.

The sixteen-year issue window is wide enough to suggest sequential date varieties exist within Pick 13, though documented sub-types remain poorly catalogued compared to lower denominations of the same series. At 500 Pesos, circulation was effectively limited to commercial and inter-bank transactions.