10 pesos 1939
Market Prices
25 salesAbout This Note
This is a well-preserved example of the 1939 Uruguayan 10 Pesos note (Pick P-37c) in Extremely Fine condition, issued by the Departamento de Emision del Banco de la Republica Oriental del Uruguay. The note features General José Gervasio Artigas in military dress on the obverse and a striking agricultural vignette depicting oxen and cart on the reverse, with red overprint serial numbering clearly visible. Despite nearly 85 years of age, the note exhibits only moderate wear with visible creases and handling marks, making it an attractive example for collectors of South American currency.
Common. The eBay price history spanning 2009-2025 shows consistent sales in the $0.99-$11.60 range, with most EF-graded examples selling between $3.26-$4.76. These market prices and the frequency of sales indicate robust collector circulation and availability. The 1939 10 Pesos (P-37c, Series C) was not part of a limited print run or recalled issue, and examples regularly appear on the secondary market. This note represents standard currency production for its era and remains one of the more accessible Uruguayan banknotes from the 1930s-40s period.
Issued January 2, 1939, this note represents Uruguay's monetary system during the interwar period under the Departamento de Emision framework. The prominent depiction of General Artigas—Uruguay's founding father and national hero—reflects the nation's reverence for its independence struggle, while the reverse's emphasis on the oxen-drawn cart (la carreta) symbolizes Uruguay's agricultural heritage and rural economy during this era. This design choice underscores the importance of pastoral and farming traditions to Uruguayan national identity in the early 20th century.
The obverse features a centered portrait of General José Gervasio Artigas (1764-1850), Uruguay's founding father and national hero, depicted in formal military dress with an ornate collar. The portrait is rendered in fine engraved line work characteristic of Thomas de la Rue's craftsmanship. The Uruguay national coat of arms appears in the upper left, incorporating a rising sun, scales of justice, a horse, and laurel wreaths—symbols of sovereignty and national virtue. Decorative numerals '10' are positioned in the upper right and lower left corners within ornate rectangular frames. The reverse depicts 'Monumento a la Carreta' (Monument to the Cart)—a rural agricultural scene showing a farmer with three oxen pulling a traditional wooden cart across a vast Uruguayan plain, emphasizing the nation's pastoral heritage. This vignette occupies the central composition with decorative '10' numerals in both lower corners. Both sides feature intricate guilloche border patterns and fine-line engraving throughout.
FRONT SIDE: 'DEL DEPARTAMENTO DE EMISIÓN DEL BANCO DE LA REPÚBLICA ORIENTAL DEL URUGUAY' (Of the Emissions Department of the Bank of the Oriental Republic of Uruguay) | 'DIEZ PESOS' (Ten Pesos) | 'PAGABLE AL PORTADOR Y A LA VISTA' (Payable to Bearer on Sight) | 'MONEDA NACIONAL' (National Currency) | 'MONTEVIDEO' (Montevideo) | 'LEY DE 2 DE ENERO DE 1939' (Law of January 2, 1939) | 'SERIE C' (Series C) | Serial number: 8946870 (red overprint) | BACK SIDE: 'DEPARTAMENTO DE EMISIÓN DEL BANCO DE LA REPÚBLICA ORIENTAL DEL URUGUAY' (Emissions Department of the Bank of the Oriental Republic of Uruguay) | 'DIEZ PESOS' (Ten Pesos) | 'THOMAS DE LA RUE & CO. LTD.' (Printer identification)
Intaglio engraving (recess printing) executed by Thomas de la Rue & Co. Ltd., London, one of the world's premier security printers. The note exhibits characteristic hallmarks of high-quality intaglio production: fine parallel line engraving in the portraits and vignettes, detailed guilloche background patterns, and sharp decorative borders. The red overprint serial numbering was applied as a secondary security measure after primary printing. The use of security paper with an embedded security thread is noted in catalog references, indicating advanced anti-counterfeiting measures typical of Thomas de la Rue's standards.
This example is identified as Series C, evidenced by the 'SERIE C' inscription visible in the visual analysis. The Pick catalog notes signature and signature title varieties exist for this issue. The observed red overprint serial number (8946870) is part of the standard security numbering system. The 1939 date specifically corresponds to the January 2, 1939 law authorization. Related notes from the Banco Central del Uruguay exist under Pick P-42 per the external catalog reference, representing a later issuing authority. No extraordinary varieties (such as color shifts, inverted prints, or major printing errors) are apparent in the visual analysis of this example.
