El Banco Chileno - circa 1900's Chile 1,000 Pesos Unissued Bond - Gorgeous Design with Map at Left

1,000 Pesos, Unissued Bond. Beautifully engraved by Compania Americana de Billetes de Banco. Exceptional with a map vignette!

The expression "the Chilean securities guarantee bank" refers to the Central Bank of Chile (BCCh), an autonomous state institution responsible for ensuring the stability of the currency, the functioning of payment systems, and, consequently, guaranteeing the security and normal operation of the financial system and its securities.

The Central Bank of Chile, established in 1925, is an autonomous institution of constitutional rank incorporated into the current Chilean Constitution. Its monetary policy is guided by an inflation targeting regime.

In the mid-19th century, private banks flourished in Chile, leading to growing concerns about payment method control and persistent inflation. To address these issues, the government hired a mission led by economics professor Edwin Kemmerer of Princeton University. The mission’s proposals formed the basis for the structure of the nascent central bank. On August 19, 1925, the Central Bank of Chile (CBoC) was established through Decree Law 486, granting it the exclusive authority to issue bank notes under a gold standard regime. The ten-member board structure implicitly granted the bank a degree of independence to avoid capture by the public or private sectors.

Despite these efforts, inflation persisted and was further exacerbated by a weak institutional framework. It was only after the introduction of constitutional rank autonomy in 1989 that inflation was effectively controlled.