5 Soles De Oro

The Banco Central de Reserva del Perú was itself only established in 1931, replacing the defunct Banco de Reserva del Perú amid the severe monetary disruption that followed the Great Depression's impact on Peruvian export revenues. This note series, running across more than a decade, thus spans the institution's earliest years of operation — from austerity through wartime inflation pressure.

ABNC's contract for Peruvian issues during this period was long-standing. The watermark is the sole security feature, which was already considered minimal by the 1940s end of this series' run.