500 Pesos Law of Jan 2nd., 1939 - Issued by BCU

The Banco de la República Oriental del Uruguay had a long relationship with Thomas De La Rue stretching back to the early twentieth century, and this 500 Pesos note — technically governed by legislation dating to January 1939 but still circulating nearly three decades later — reflects the unusual statutory conservatism of Uruguayan monetary law, which permitted notes to remain in issue under their founding authority long after the economic conditions that prompted them had changed entirely.

By 1967, Uruguay was entering a period of severe inflation that would eventually force a full monetary reform; the peso's purchasing power had eroded so badly that a 500 Pesos denomination, once substantial, had become routine tender. Pick 44 is the final emission under this particular authorization.