5 Pesos

Banco de Valparaiso was one of Chile's major private issuing banks operating under the 1860 banking law, which permitted provincial banks to issue their own notes against metallic reserves. The year 1891 places this note squarely in the middle of the Chilean Civil War — a brutal conflict between Congressional forces based largely in Valparaíso and President Balmaceda's government in Santiago. Banking operations in the port city were severely disrupted, and the status of privately issued notes became genuinely uncertain during the fighting.

Pick S512 is scarce in any grade, which is consistent with the chaotic redemption environment that followed the Congressional victory later that year.