1/2 Libra Peruana de Oro

The Banco de Reserva del Perú was established in 1922 — the same year this series was first issued — replacing the earlier system of commercial bank emission that had produced chronic monetary instability throughout the late nineteenth and early twentieth centuries. Peru had long pegged its paper to the libra peruana de oro, a unit tied conceptually to the British gold sovereign, and this note reflects that alignment. The half-libra denomination was uncommon across Latin American reserve bank issues of the period.

The American Bank Note Company held Peru's printing contracts through much of this era, producing the entire P#48 series in New York.