Chile P-134 1/2 Escudo 1962-75 Very Fine+—O'Higgins—Almagro

A beautifully engraved mid-century Chilean note pairing two of the country's most iconic historical figures — the liberator Bernardo O'Higgins on the front and the dramatic scene of Diego de Almagro's arrival in Chile on the back. Issued across more than a decade of Chilean monetary history before the escudo itself was swept away by hyperinflation. You will receive one note from this series; the exact signature variety will vary.

Obverse

• Color: dark blue engraving on pale orange and tan multicolor underprint
• Portrait of Bernardo O'Higgins at center, based on the portrait by José Gil de Castro
• Face value in numeric fractions (½ / 50) at all four corners; in letters at bottom; in currency sign and numbers on sides of portrait
• Red (P-134) or black (P-134A) series and serial numbers — varies by variety
• Signatures: varies by variety — see Varieties below

Back

• Color: blue engraving on light-green (P-134) or beige (P-134A) underprint
• Engraving of Descubrimiento de Chile por Diego de Almagro (Discovery of Chile by Diego de Almagro) by Pedro Subercaseaux
• Inscription: LLEGADA DE ALMAGRO A CHILE (Arrival of Almagro to Chile)
• Face value in numeric fractions at all four corners; in currency sign and numbers in oval at right; in letters at bottom and around oval

Other Characteristics

• Varieties: you may receive any variety:
  • P-134a — EFG + LMS₁ (Figueroa & Mackenna); Series A; red serial # — this note
  • P-134b — LMS₂ + FIB (Mackenna & Ibáñez); Series B; red serial #
  • P-134Aa — SMS + FIB (Molina & Ibáñez); Series B–D; black serial #
  • P-134Aa — CMA + FIB (Massad & Ibáñez); Series E–F; black serial #
  • P-134Aa — AIC + JBM₁ (Inostroza & Barrios Bold); Series G; black serial #
  • P-134Aa — AIC + JBM₂ (Inostroza & Barrios Thin); Series G; black serial #
• Catalog numbers: Pick P-134 / P-134A; Numista N#202813
• Watermark: Portrait (facing left) of Diego Portales (1793–1837)
• Composition: Paper
• Size: 145 × 70 mm
• Issuing entity: Central Bank of Chile (Banco Central de Chile)
• Printer: Casa de Moneda de Chile, Santiago
• Demonetized: 1975 (with the escudo currency)
• Currency: Chilean Escudo (1960–1975)

The Liberator Who Freed Chile — Then Lost Everything

Bernardo O'Higgins (1778–1842) is the founding father of Chile — the man who led the decisive military campaigns that broke Spanish colonial rule and became the country's first Supreme Director. Born the illegitimate son of an Irish-born Spanish colonial governor, he was educated in England and Peru, and returned to Chile to join the independence movement. After the stunning victory at the Battle of Chacabuco in 1817, he declared Chilean independence on 12 February 1818. Yet his rule was authoritarian and divisive; he was forced to abdicate in 1823 and spent the last 20 years of his life in exile in Peru, never returning to the country he liberated. He died in Lima in 1842, and his remains were only repatriated to Chile in 1869. He appears on Chilean currency across multiple eras.

The Conquistador Who Arrived to Find Nothing

Diego de Almagro (c. 1475–1538) led the first European expedition into Chilean territory in 1535–1536, crossing the Andes from Peru through some of the most brutal terrain on Earth — the Atacama Desert and the high Andean passes in winter. He arrived expecting to find another Peru, rich in gold and silver. Instead, he found a land of fierce indigenous resistance and no obvious mineral wealth. Disappointed, he turned back. He was later executed by his former partner Francisco Pizarro in a power struggle over the spoils of the Inca conquest. The painting by Pedro Subercaseaux depicted on this note romanticizes that arrival — the moment of first contact between the Old World and what would become Chile.

The Escudo Years

Chile's Escudo replaced the Peso in 1960 at a rate of 1,000 old Pesos to 1 Escudo — an early sign of the inflation that would eventually consume it. The Escudo era (1960–1975) spanned Salvador Allende's socialist government, the 1973 military coup led by Augusto Pinochet, and hyperinflation that rendered the currency worthless. By 1975, the Escudo was replaced by the new Peso at 1,000:1. This note, worth half an Escudo when issued, became a collector's artifact of one of Latin America's most dramatic political and economic upheavals.

About Chile

• Origin of name: Disputed — possibly from the Quechua chili ("where the land ends") or the Mapuche word for the cold, deep valley of the Aconcagua River; in use since the 16th century
  • Origin of name of Santiago: Named by Pedro de Valdivia on the feast day of Saint James (Santiago) the Apostle in 1541 — patron saint of Spain; full original name was Santiago de Nueva Extremadura
• Capital: Santiago — city pop. ~5.5 million; metro pop. ~8 million
• Population: ~19.5 million (UN 2024) — roughly the size of New York State and Pennsylvania combined
• Area: 756,102 km² (291,933 mi²) — slightly larger than Texas; stretches 4,300 km north to south, averaging only 177 km wide
• GDP per capita (PPP): ~$28,000 (IMF 2024) — among the highest in Latin America
• Main exports: copper (world's largest producer), lithium, fruit, wine, fish meal, cellulose
• Borders: Peru (north), Bolivia (northeast), Argentina (east); Pacific Ocean coastline to the west
• Official/spoken languages: Spanish (official); Mapudungun and other indigenous languages spoken by minorities
• Ethnicities: White and Mestizo (~88%), Mapuche (~10%), other indigenous (~2%)
• Memberships: United Nations (founding member, 1945); Organization of American States (founding member, 1948); Pacific Alliance (founding member, 2011); APEC; WTO; OECD (2010)
• Sovereignty: Spanish colonial rule (1540–1818); Independence declared: 12 February 1818; Republic established 1818–date; Military dictatorship under Pinochet (1973–1990); return to democracy 1990

Chile Unfiltered

• Chile is the world's longest country — stretching 4,300 km from the Atacama Desert to Cape Horn, but averaging just 177 km wide.
• Chile produces more copper than any other country on Earth — roughly 27% of global supply. The Escondida mine alone is the world's largest copper mine.
• The Atacama Desert is the driest non-polar desert on Earth. Some weather stations there have never recorded rainfall.
• Chile has more than 1,300 volcanoes — the second-highest concentration in the world — and sits on the Pacific Ring of Fire. The largest earthquake ever recorded (magnitude 9.5) struck southern Chile in 1960.
• Easter Island (Rapa Nui) belongs to Chile — a remote Polynesian island 3,700 km off the coast, home to the famous moai statues.
• Chile was the first country in South America to elect a socialist president by popular vote — Salvador Allende in 1970. He died during the 1973 coup. Pinochet's dictatorship lasted until 1990.
• Chile's wine industry dates to the 16th century — today Chile is one of the world's top wine exporters, benefiting from Andean meltwater and Pacific breezes.

Own this note and hold a piece of Chile's most turbulent century — the liberator who gave everything and died in exile, the conquistador who crossed the Andes and found nothing, and the currency that hyperinflation erased. A beautifully engraved artifact from the southern tip of the Americas.