50 Nuevos Soles

Peru's transition to the nuevo sol in 1991 was a direct response to the hyperinflationary collapse of the inti, which had depreciated so catastrophically that by 1990 the inflation rate exceeded 7,000 percent annually. The nuevo sol was introduced at a rate of one million intis to one — an exchange that effectively erased six zeros from the currency.

The BCRP printing this note in-house rather than contracting abroad reflects a policy shift toward domestic production capacity that the bank had been building since the 1980s. The hologram inclusion by 1994 was still relatively novel for Latin American central banks at that time.