20 Soles

The Compañía de Obras Públicas y Fomento del Perú was a private construction and development company granted note-issuing privileges by the Peruvian government as part of the broader guano-era financial arrangements — an unusual situation even by the loose standards of 19th-century Latin American quasi-banking. By 1876, Peru's public finances were already deteriorating badly following the collapse of guano revenues and the disastrous Dreyfus contract fallout, which made the circulating paper of concession companies increasingly unreliable.

Pick 447 is genuinely scarce. Few examples are documented in institutional collections.