National Bonds

The LECOP was a bond issued by Argentine national government to replace the Patacón, which was issued by provincial governments. LECOP (sometimes written as a common word, Lecop), stands for Letra de Cancelación de Obligaciones Provinciales ("Letter of Cancellation of Provincial Obligations").

These bonds were circulated at a substantial discount from their face value, so anybody accepting was bound to experience devaluation (or inflation). While LECOPs were intended as a means to replace legal currency (Argentine pesos) at a time when cash was scarce, there were occasions in which LECOPs were not accepted as valid means of payment — most notably, most taxes could only be paid in pesos, or only partly paid in LECOPs. Public utility companies generally restricted the percentage acceptable to a 70-30 ratio, sometimes further limiting LECOP usage to 15% of the total bill.

LECOP bills at first sight, may appear identical to normal Peso bills, with the primary difference being a short disclaimer in small text on the rear of the bill stating that the bill would effect expire and be null at a set date.

Lecop

National Bonds

2 Pesos
Denomination: Lecop (Letter of Cancellation of Provincial Obligations)
Portrait: Juan Bautista Alberdi
Withdrawn: 31 Dec 2003

5 Pesos
Denomination: Lecop
Portrait: Juan Bautista Alberdi
Withdrawn: 31 Dec 2003

10 Pesos
Denomination: Lecop
Portrait: Juan Bautista Alberdi
Withdrawn: 31 Dec 2003

20 Pesos
Denomination: Lecop
Portrait: Juan Bautista Alberdi
Withdrawn: 31 Dec 2003

50 Pesos
Denomination: Lecop
Portrait: Juan Bautista Alberdi
Withdrawn: 31 Dec 2003