Chile - 5 Chilean Escudos - P-138 - 1964 dated Foreign Paper Money

5 Escudos, P-138. The escudo was the currency of Chile between 1960 and 1975, replacing the old peso at a rate of 1 escudo (Eº) = 1000 pesos. It was divided into 100 centésimos, and the symbol used for it was Eº. The escudo was introduced into circulation through Law 13,305, which was published on April 6, 1959, and officially came into use on January 1, 1960. As the old peso banknotes needed to be replaced, the Central Bank of Chile authorized the temporary overstamping of existing peso notes with their equivalent value in escudos. This overstamping began in November 1959, where the value in escudos was printed in red ink on the right side of the reverse of banknotes. This process applied to various denominations, including 10, 50, 100, 500, 1,000, 5,000, 10,000, and 50,000 pesos. The escudo was eventually replaced by a new peso in 1975 at a rate of 1 peso = 1000 escudos, marking the end of its circulation.