Banknotes Moneda Nacional

The peso moneda nacional replaced the Argentine real at a rate of one to eight. It also replaced the peso fuerte at par and the peso moneda corriente at a rate of 25 pesos monedas corrientes = 1 peso moneda nacional. The peso moneda nacional was itself replaced by the peso ley at a rate of one hundred to one.

The peso was initially pegged to the French franc at a rate of 1 peso = 5 francs. In 1883, when silver coins ceased production, the paper peso was set at a value of 2.2 francs or 638.7 mg gold. After a suspension in the gold standard from 1914, in 1927, a peg to the U.S. dollar was established of 2.36 pesos = 1 dollar.

The rate changed to 1.71 pesos = 1 dollar in 1931, then to 3 pesos = 1 dollar in 1933. Between 1934 and 1939, the peso was pegged to the British pound at a rate of 15 pesos = 1 pound. High inflation in the post-war period lead to the introduction of the peso ley in 1970 at the rate of 100 pesos monedas nacionales = 1 peso ley.

The first nationally issued banknotes were introduced by the Banco Nacional in 1884. These were in denominations of 5, 10, 20 and 50 centavos. In 1891 and 1892, the same denominations were produced by the Banco de la Nación Argentina. In 1894, the Banco de la Nación Argentina introduced larger denomination notes for 1, 2, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.

Paper money production was taken over by the Caja de Conversion in 1899. That year, 50 centavos, 1 and 100 pesos were introduced, followed in 1900 by notes for 5, 10, 50, 500 and 1000 pesos. These notes were issued until 1935, when the Banco Central began to produce notes.