PMG Note of the Month: Uruguay 1 Peso

Posted on 8/25/2026

For Uruguay's Independence Day, let's take a look at one of the South American nation's most beautiful notes.

Click images to enlarge.

Country: Uruguay

Catalog Number: 21

Date: 1934

Denomination: 1 Peso

Varieties: None in the PMG Population Report.

What makes it special? The state-owner issuer of this note, Banco de la Republica Oriental del Uruguay, is Uruguay's biggest bank today. Founded in 1896, it had a monopoly on issuing banknotes for most of the 20th century. The back of the note contains the coat of arms, which includes a horse that symbolizes liberty. A female figure representing liberty is the central focus of the front of the note.

Did you know? Uruguay celebrates its Independence Day every August 25, the day in 1825 when a group of revolutionaries declared independence from Brazil. An ensuing war led to an accord three years later that laid the foundation for the nation of Uruguay, which is the only country to have gained independence from Brazil.

Total graded by PMG: As of late August 2026, the PMG Population Report shows 15 examples of this note.

PMG median grade: PMG 45 Choice Extremely Fine EPQ.

PMG highest graded: One example is graded PMG 66 Gem Uncirculated EPQ.

Sales highlight: An example graded PMG 64 Choice Uncirculated EPQ realized $408 through Heritage Auctions in March 2021.

PMG Registry: There is one category in the PMG Registry for this note: Uruguay Complete, 1918-Date, Type Set, Issued Notes. It is led by ColonialCoinsUK's Uruguay P14 to date, which has an example of Pick# 21 in PMG 58 Choice About Uncirculated EPQ. It is shown above.

Previous Notes of the Month:


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