500 Pesos Law of Aug. 14th., 1935

The Ley de 14 de Agosto de 1935 reorganized Uruguay's central banking structure, consolidating note-issuing authority under the Banco de la República and displacing the older Banco de la República Oriental del Uruguay notes that had circulated since the late nineteenth century. This 500 Pesos sits at the high end of that transitional series — a denomination that saw almost no retail circulation and would have moved between banks and large commercial houses rather than passing through ordinary hands.

De La Rue's involvement guaranteed a level of intaglio refinement that Uruguayan domestic printers could not yet match. The watermark is the sole security feature, which by the late 1930s was already considered insufficient for a note of this face value.