2 Pesos

Waterlow & Sons held the Chilean government contract for this series through a period when Chile's nitrate revenues were still dominant but visibly declining — the synthetic nitrogen breakthrough of the early 1910s had already begun undermining the country's near-monopoly on natural sodium nitrate, which had funded public works and government paper alike. Whether that pressure influenced the decision to extend the series through 1919 rather than redesign it is not documented, but the long run of dates across a single plate design is notable.

Waterlow's intaglio work from this period is generally consistent in quality; fading of the red overprint elements is the most commonly observed condition issue on surviving examples from the later dates in the series.