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| 正面描述 | The obverse is printed in black on white paper, with the issuer's title 'Banco de Valparaiso' in ornate script at the top, flanked by radiating guilloche work. A central oval vignette bears the Chilean coat of arms. At upper right, a circular numeral '5' counter. The text body, in cursive script, records a deposit obligation payable at the Oficina de Pisagua branch, dated Julio 1 de 1891, with signature lines for Cajero and Ajente at the foot. |
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| 背面铭文 | CINCO PESOS CINCO PESOS SE ACEPTAR sin necesidad de todos los endos, moneda corriente por el Banco de Tarapacá y Londres Limitado en el Banco de Valparaiso |
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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.