5 Pesos

Banco Comercial de Chile was one of several private commercial banks authorized to issue notes under Chile's 1860 banking law, which permitted note issuance up to 150% of paid-in capital. That arrangement held until the 1898 conversion crisis forced the state to absorb private bank circulation entirely — most surviving Banco Comercial notes date from the window between the bank's founding in the 1880s and that forced consolidation.

Waterlow & Sons produced the plates and printed the series in London, a common arrangement for South American private bank paper of the period. Chilean private bank notes of this era are chronically underrepresented in surviving collections; most circulated hard in a commodity-driven economy before redemption laws pulled them from use.