10 Pesos

The Dirección del Tesoro issues are among the more bureaucratically interesting Chilean emissions of the early 1920s — produced not by a central bank but by the Treasury directorate itself, at a moment when Chile's monetary framework was fractured between multiple issuing authorities. The Imprenta Fiscal de Chile, the government's own fiscal press in Santiago, handled production, which kept the entire operation — authorization, printing, and distribution — within a single administrative structure.

The overprint stamp on this series functioned as a control mechanism, distinguishing authorized circulation stock from unissued reserves. Notes lacking a clean, fully legible stamp are frequently encountered and trade at a discount accordingly.