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Results for “institutional redemption”
Uruguay 1896 Banco Nacional de la Republica Oriental del Uruguay 20 Centesimos Pick A88b issued note serial L084390 with perforated PAGADO 25.8.96 redemption cancel mirrored on both sides

Uruguay 1896 - Banco Nacional de la Republica Oriental del Uruguay 20 Centesimos Issued Note PAGADO 25.8.96 Perforation Cancel, Serial L084390 (Pick A88b)

This is not a specimen marking and not a branch validation overprint. It is a structured institutional redemption cancel applied through a mechanical punch device. The perforations are evenly spaced and uniform in diameter, forming clearly legible letter shapes and numerals. The density and alignment indicate deliberate administrative invalidation rather than random damage or informal cancellation. Read more →

institutional redemption
UruguayIssued Note189620 CentesimosPMG 63 Choice Uncirculated Issued Note20 CentesimosSerial L084390Printed SignaturesPerforated PAGADO 25.8.96Redemption CancelMercury AllegoryGreen Guilloche ReverseWaterlow and SonsBanco Nacional de la Republica Oriental del UruguayInstitutional RedemptionAdministrative InvalidationUruguay Metallic Standard EraUruguay1896Pick A88bPMG 63 Choice UncirculatedMuseum Grade
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Issued Banco de Zaragoza 2000 reales vellón, Serie E No. 00286, Pick S455, Zaragoza 14 May 1857, cancellation punch

Spain 1857 - Banco de Zaragoza 2000 Reales Vellón Serie E Issued Note No. 00286 (Pick S455)

The Banco de Zaragoza was one of the provincial banks authorised to issue paper currency during Spain’s short-lived liberal banking period following the 1856 banking reforms. Within this framework, Zaragoza structured its issues by denomination using alphabetical series, culminating in Serie E for 2000 reales vellón and Serie F for 4000 reales vellón. These higher denominations were intended primarily for institutional and wholesale transactions rather than everyday circulation, which accounts for their extreme attrition.

Issued Banco de Zaragoza 2000 reales vellón consecutive pair, Serie E Nos. 00031–00032, Pick S455, Zaragoza 14 May 1857, cancellation punches

Spain 1857 - Banco de Zaragoza 2000 Reales Vellón Serie E Issued Consecutive Pair No. 00031–00032 (Pick S455)

The Banco de Zaragoza operated during Spain’s brief liberal banking period following the 1856 reforms, when select provincial banks were authorised to issue their own circulating paper currency. Zaragoza structured its emissions by denomination through alphabetic series, with Serie E corresponding to 2000 reales vellón. These high-denomination notes were intended for large commercial settlements and institutional use, resulting in extremely low survival rates once redemption and withdrawal policies were enforced.

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