This law ordered in turn the issuance of resealed/overstamped fiscal banknotes to try to relive the economic situation at that time. Because coins in the necessary quantities did not circulate at that time, banknotes replaced the lack of circulating species. This move was partially accepted with much difficulty because foreign transactions demanded silver soles that were accepted along with the Pound Sterling.

The government ordered the banknote exchange for those notes specifically printed for said law with the name "The Republic of Peru" (La Republica del Peru). These notes would be exchanged for metallic money. These banknotes would have an issue of 20,333,333 soles, which would be backed by the treasury in metallic money. The delivery of these notes would effect the withdrawal of the fiscal notes in accordance with the amortization law that would occur later on.

In 1897 the country found itself in the middle of a war, and it took emergency measures such as the May 13th law that enabled the government to take resealed notes from the banks. It deposited them to exchange them for new ones, which amounted to more than 2,000,000 soles; the old ones would be burned. Also, the October 28th and the November 3rd issues for 32,000,000 and 5,000,000 soles respectively for war expenses were also authorized of in like manner. These issues managed to make the real value of these notes lower and lower because the corresponding mtallic exchange was not figured in. All of this carried over to an exchange in the monetary system which occurred further on during the Pierola govenment.

All of these banknotes' issuing, circulatory, exchange, and amortization operations were in charge of the Junta Administrativa y de Vigilancia de la Emision Fiscal (Administration and Overseeing Committee of Fiscal Issuing). This committee was comprised by seven (7) members who could not be senators, deputies, managers, or bank directors. Said members would be elected for a renewable period of two (2) years.

Members who figured in this group were: Don Carlos Pflucker, Don Juan de Dios Quintana, Don Enrique Ayula, Don Federico Bresani, Don Jose Manuel Canturias, Don Ramon de la Fuente, Don Valentin Gil, Don Manuel Montero, Don Jose Santiagto Concha, Don Enrique L. Barron, and Don Carlos Prevost.

On February 11, the following people were elected as officers: Don Juan de Dios Quintana as President; Don Federico Bresani as Treasurer; and Don Jose Manuel Contuarias as Secretary.

Part of the initital work of this institution was to prepare internal regulations that merited the approval of the government. These included the establishment of denominations and the sizes of the banknotes that they would issue for exchange.

This organization ordered the manufacturing of banknotes in the United States,printed by the American Banknote Co. The ABNC printed banknotes in denominations of 1,2,5,20,50,100 and 500 soles up to the amount of 16,829,333 soles. This was equivalent to the bank issuing balance converted into fiscal circulating currency. The exchange from the old notes to the new ones ws begun on July 26, 1879, and only in the city of Lima. This was because the manufactured notes had not arrived in Peru. The incineration was carried our on August 16, 1879.

Subsequently, a 10 soles banknote was ordered to be issued. Its shipment, on board the shipnamed Islay, was captured by Chilean ships off the Chimbote coast. The invading force forced the circulation of these notes at the time that the government was taking away its monetary value.

There were other modifications of the 5 andf 20 soles denominations. In the first place, the 20 soles note was issued with a different multi-colored design, which was very different with the previous design, printed in a sepia brown. The new 5 soles was very similar to the previous design, but the "V" was removed. This "V" appeared on both sides of the words "La Republica del Peru". Some additional read sun rays were added.