2 Pesos

Banco Comercial de Chile was a short-lived private issuing bank, one of several that operated under Chile's 1860 banking law before the state moved to consolidate note-issuing authority in the early twentieth century. Waterlow & Sons handled a considerable volume of South American private bank work in this period, and the Chilean commercial banks were steady clients throughout the 1880s and 1890s.

The S-prefix Pick reference places this squarely in the catalog's private and provisional issues section — not a state note, and never legal tender in the strict sense, but accepted through commercial convention and interbank clearing.