Item number: A2648

Year: AD 1927

Material: Silver (.900)

Size: 35.5 x 35.5 mm

Weight: 25.0 g

Manufactured by: Chile Mint (Casa de Moneda de Chile), Santiago

Provenance: Da Chen Stamps and Coins Collection 2014

This is a five-peso silver coin minted by the Chilean Mint and issued by the Central Bank of Chile in AD 1927. Ten pesos were equivalent to one condor.

The obverse depicts a condor (also known as the Andean condor), standing on a solitary rock, its neck extended forward and wings partially spread, as if in a threatening posture. This design is known as the “defiant condor” and was created by the French engraver Louis-Oscar Roty, whose initials “OS” appear beneath one wing. Since AD 1895, the “defiant condor” motif had been widely used on various peso denominations until it was replaced in the 1940s. Under the other wing is inscribed “0.9”, indicating the coin’s silver purity of 90%.

The reverse features the denomination “5 CINCO PESOS” inscribed in both Arabic numerals and Spanish. The face value is encircled by a laurel wreath, with a hammer and sickle at the point where the branches cross—an early use of this symbol to represent workers, predating the founding of the Soviet Union.

Both sides of the coin are bordered with an incised rectangular tooth pattern along the inner rim, and the edge of the coin features fine reeding.

The old Chilean peso became the official currency following the country’s independence in AD 1817, and it was interchangeable with the colonial-era Spanish real. From AD 1925, monetary issuance was centralised under the authority of the Central Bank, and the “condor” was adopted as the base unit, with the values of all major and subsidiary coins tied to their precious metal content. Beginning in the 1930s, Chile experienced escalating inflation. Between AD 1960 and 1975, in an attempt to stabilise the economy, the old peso was replaced by the escudo. In AD 1975, during the economic reforms under the military government of Augusto Pinochet, the new Chilean peso replaced the escudo.

The five-peso and two-peso silver coins were both issued in AD 1927 but discontinued within the same year, with total mintages of less than one million. There were multiple varieties, mainly distinguished by the width of the numeral on the reverse. The last one-peso silver coin was issued in AD 1933. Thereafter, except for a few gold issues, peso-denominated coins were struck using base metals such as nickel.

In AD 1920, Arturo Alessandri was elected President of Chile. He attempted to implement social reforms, expand labour rights, and challenge the entrenched power of the oligarchy and landowners, leading to fierce opposition from conservative military factions and the legislature. In AD 1924, a military coup forced Alessandri into exile, and a short-lived military regime took power. In AD 1925, Alessandri returned under military pressure and initiated a new constitution, establishing a presidential system that reduced parliamentary authority and introduced administrative reforms. However, political instability persisted. In AD 1927, Carlos Ibáñez assumed power and gradually established an authoritarian military regime, suppressing opposition and kerbing freedom of speech. Concurrently, he launched ambitious infrastructure programmes and pursued a state-led economic modernisation strategy, including the establishment of state-owned enterprises and an expansion of foreign borrowing. While these policies spurred short-term economic growth, they significantly increased the national debt and fiscal burden, leading to a severe crisis in the early 1930s following the outbreak of the global Great Depression.

物件編號: A2648

年代: 公元 1927 年

材質: 銀 (900‰)

尺寸: 35.5 x 35.5 mm

重量: 25.0 g

製造地: 智利鑄幣廠(Casa de Moneda de Chile)，聖地牙哥

來源: 大城郵幣社 2014

這是一枚由智利鑄幣廠鑄造，智利中央銀行於公元1927年發行之5披索銀幣。10披索等於1兀鷲幣(condor)。

銀幣正面為一康多兀鷲(或稱安地斯神鷲，Andean Condor)，立於孤岩之上，脖頸前探，雙翼微撐，似作威嚇。該圖樣被稱為「叛逆兀鷲」(defiant condor)，為法國雕刻家路易·奧斯卡·羅蒂(Louis-Oscar Roty)所設計，於兀鷲翼下署名「OS」。自公元1895年起，「叛逆兀鷲」圖樣長期被用在各式披索上，直至公元1940年代更換設計。兀鷲另一側翼下「0.9」，標示含銀量達90%。

銀幣背面中央「5 CINCO PESOS」，分別以阿拉伯數字和西班牙文標示面額為5披索。面額以桂冠環繞，桂冠枝葉交織處有槌子與鐮刀，這是於蘇聯成立前，便首度以槌子與鐮刀符號象徵工人。

正背面幣緣均為環飾，有向內矩狀齒，幣稜則為細齒。

智利舊披索自智利於公元1817年獨立以來，便成為法定貨幣，與殖民地時期的西班牙里爾(reale)可相互兌換。公元1925年起，貨幣的發行權收歸央行所有，以「兀鷹幣」為基準，規定所有主、輔幣的價值與貴金屬含量。公元1930年代起，智利通貨膨脹逐漸加劇。公元1960年至1975年，為控制經濟情況，舊智利披索為智利埃斯庫多(escudo)所取代。公元1975年，隨著皮諾切特軍政府的經濟改革，新智利披索取代了埃斯庫多。

5披索與2披索銀幣同樣於公元1927年發行，並旋即於該年停鑄，發行量不及百萬。版式多元，主要以錢背數字之寬度作為區分。公元1933年推出最後的1披索銀幣，此後披索硬幣除少數金幣外，均由鎳等賤金屬材料製作。

公元1920年，亞圖羅·亞歷山德里(Arturo Alessandri)當選總統，試圖推動社會改革、擴大勞工權益，挑戰既有的寡頭政治與地主利益，引發保守派軍方與國會的強烈反對。公元1924年軍方發動政變，亞歷山德里被迫流亡，軍政府短暫掌權。公元1925年，亞歷山德里在軍方壓力下復職，並促成制定新憲法，設立總統制以削弱國會權力，推進行政改革。然而，政治局勢仍不穩定，公元1927年卡洛斯·伊瓦涅斯(Carlos Ibáñez)上台後，逐步建立軍事威權統治，壓制反對派與言論自由，同時大力推動基礎建設與國家主導的經濟現代化政策，包括公營企業設立與外資借貸擴張。這些政策在短期內刺激經濟，但也使國家財政與外債負擔沉重，至公元1930年代初因全球經濟大蕭條爆發而陷入危機。