This transitional phase of coinage was replaced by a fully decimalized system in 1863.

Under the Protectoral Decree of General José de San Martín on December 14, 1821, the Emisión Bank was created, better known as the Bank of Emancipation (Banco de la Emancipación).

It started to operate on February 7, 1822 but was closed by a decree of President José de la Riva Agüero on June 4, 1823, with public burning of the bills.

The first private bank founded in Peru was the Banco La Providencia in September 1862.

The Banco del Perú (Bank of Peru) was established on May 23, 1863 and from August of the same year issued notes for 5, 10, 100 and 500 pesos.