4 centesimos 1887
Market Prices
About This Note
This is an outstanding example of a Banco de Crédito Auxiliar 4 centesimos fractional obligation from 1887-1888, graded AU and exhibiting museum-quality preservation. The note displays crisp, sharp printing throughout with no visible wear, creases, or damage, featuring elaborate ornate borders with decorative corner elements and fine line work characteristic of 19th-century security printing. This fractional currency obligation is notable for its complex legal terms printed on the obverse, detailing the 180-day maturity structure, 4% annual interest, and lottery drawing provisions—making it a fascinating example of how Uruguayan banks structured credit instruments during this era.
Common. While this is a fractional obligation from a specific regional bank in 1887-1888, the eBay price tracking data shows AU examples regularly trading in the range of $76.99 to $439.99 USD, with multiple listings at all condition grades, suggesting adequate supply in the collector market. The denomination is small (4 centesimos), and the issuer was a functional commercial bank rather than a short-lived or recalled institution. These fractional obligations were produced in sufficient quantities for circulation, and survivors continue to appear in collections and at auction with reasonable regularity. The AU condition grade commanded mid-range pricing ($76-$100) rather than commanding premium prices that would indicate scarcity.
This fractional obligation was issued by Banco de Crédito Auxiliar during a period when Uruguayan financial institutions employed creative credit mechanisms to support commercial activity. The note's inscription identifying it as 'ORO SELLADO' (sealed gold) reflects the monetary standards of the late 19th century, while the 'Compañía Sud Americana de Billetes de Banco R.A.' printer attribution indicates involvement of a major South American security printing firm. The Montevideo imprint and the detailed terms regarding interest payments and lottery drawings demonstrate the sophisticated financial instruments emerging in Uruguay's developed banking sector during the 1880s.
The obverse features a formal, symmetrical design with prominent denomination numerals '4' in decorative cartouches positioned in the corners, surrounded by an ornate baroque-style border of fine engraved line work. The central field displays the bank name and fractional obligation designation, with an extensive block of legal text detailing the credit terms, interest structure, and lottery participation provisions. The reverse presents a cleaner, more orderly design dominated by large numerals '4' in each corner within decorative frames, connected by a Greek key pattern border in blue ink. The central reverse field contains a rounded rectangular cartouche with additional legal terms in a centered text block. The color scheme utilizes black and blue printing on a cream/white paper base, with the blue appearing to be concentrated on the reverse side. No portraits or allegorical figures are present; the design relies entirely on geometric ornamentation, typography, and security printing elements typical of 19th-century financial obligations.
FRONT SIDE: 'GUATRO × GUATRO' (Four × Four); 'BANCO DE CRÉDITO AUXILIAR' (Auxiliary Credit Bank); 'PAGARÁ ESTA OBLIGACION DE' (This obligation will pay); 'GUATRO CENTESIMOS' (Four centesimos); 'ORO SELLADO' (Sealed gold); 'SERIE A' (Series A); 'FRACCIONARIA DE LA NÚMERO 0512' (Fractional of number 0512); Main terms: 'At one hundred eighty days from the date with interest added at four percent annual, this fraction having the same proportional rights of complete obligations. This fraction enters by its number in the drawings receiving in proportion the part that corresponds to the complete obligation awarded. The corresponding interests will be liquidated at the presentation of each 250 of these fractions with whatever number they carry. Presented separately they will be paid without any interest.' Signature lines marked: 'PRESIDENTE' (President), 'SECRETARIO' (Secretary), 'DIRECTOR GERENTE' (Managing Director); Location: 'MONTEVIDEO'; Printer: 'Compañía Sud Americana de Billetes de Banco R.A.' BACK SIDE: 'BANCO DE CRÉDITO' (Credit Bank); 'AUXILIAR' (Auxiliary); 'CENTESIMOS' (Centesimos); Terms: 'This obligation will be paid on presentation at any time before its maturity, with the holder losing the accrued interest up to that date'
This note was produced using intaglio engraving (line engraving/copperplate printing), as evidenced by the extremely fine, precise line work visible throughout both sides, the crisp detail in ornamental borders and corner cartouches, and the high-quality reproduction of dense legal text. The dual-color printing (black and blue) indicates separate plates were used for each color pass. The printer attribution 'Compañía Sud Americana de Billetes de Banco R.A.' identifies this as a product of a major South American security printer specializing in currency and financial documents. The Greek key patterns, decorative borders, and fine engraving throughout are hallmarks of bank note-quality intaglio production.
This specific example is identified as Series A with fractional number 0512, indicating it was part of a numbered fractional series tied to larger obligations under the lottery system described in the terms. The series designation and individual numbering represent a controlled variety system. Without access to comprehensive variety catalogs for Banco de Crédito Auxiliar obligations, other potential varieties may exist based on different series designations, signature combinations, or printing variants, though the visual analysis does not reveal evidence of multiple distinct types within the Pick S161 classification. The Pick catalog designation P-S161 itself represents the standardized cataloging for this issue type.
