Argentine peso
Encyclopedia
The peso is the currency of Argentina
, identified by the symbol $ preceding the amount in the same way as many countries using dollar
currencies. It is subdivided into 100 centavo
s. Its ISO 4217
code is ARS. Several earlier currencies of Argentina were also called "peso"; as inflation
progressed a new currency with a few zeroes dropped and a different qualifier (peso national currency, peso law 18188, peso argentino...) was introduced. Since 1969 thirteen zeroes have been dropped (a factor of ten trillion
times).
In recent times the exchange rate hovered around 3 pesos per United States dollar
from 2002 to 2008, and was around 4 pesos from 2009 to 2011. The country's current account
surplus has required periodic dollar purchases by the Central Bank to keep the value of the peso relatively undervalued for export competitiveness
.
coin. Following independence
, Argentina began issuing its own coins, denominated in reales
, soles
and escudos, including silver eight-real (or sol) coins still known as pesos. These coins, together with those from neighbouring countries, circulated until 1881.
: ARF) was a convertible currency, with 17 pesos fuertes equal to one Spanish ounce (27.0643 g) of 0.916 fine gold. This was changed in 1864 when the rate dropped to 16 pesos fuertes per gold ounce. It was replaced by the peso moneda nacional at par in 1881.
(everyday currency) ($m/c) was also introduced in 1826. It started at par with the peso fuerte, but depreciated with time.
Although the Argentine Confederation issued 1-, 2- and 4-centavo coins in 1854, with 100 centavos equal to 1 peso = 8 reales
, Argentina did not decimalize until 1881. The peso moneda nacional
(m$n or $m/n) (ISO 4217
: ARM) replaced the earlier currencies at the rate of 1 peso moneda nacional = 8 reales
= 1 peso fuerte = 25 peso moneda corriente
. Initially, one peso moneda nacional coin was made of silver and known as patacon. However, the 1890 economic crisis ensured that no further silver coins were issued.
At the beginning of the 20th century, the Argentine peso was one of the most traded currencies in the world.
).
The monetary system before 1881 has been described as "anarchistic" (anarquía monetaria). Law 1130 of 1881 put an end to this; it established the monetary unit as the peso oro sellado ("stamped gold peso", ISO 4217
: ARG), a coin of 1.612 grams of gold of fineness
900 (90%), and the silver peso, 25 g of silver of fineness 900. Gold coins of 5 and 2.5 pesos were to be used, silver coins of one peso and 50, 20, 10 and 5 centavos, and copper coins of 2 and 1 centavos.
Initially the peso m$n was convertible, with a value of one peso oro sellado. Convertibility was maintained off and on, with decreasing value in gold, until it was finally abandoned in 1929, when m$n 2.2727 was equivalent to one peso oro.
: ARL) (informally called the peso ley
) replaced the previous currency at a rate of 1 peso ley to 100 pesos moneda nacional.
($a) (ISO 4217
: ARP) replaced the previous currency at a rate of 1 peso argentino to 10,000 pesos ley (1 million pesos m$n). The currency was born soon after the return of democracy. However, it rapidly lost its purchasing power and was devalued several times, and was replaced by a new currency called the austral
in June 1985.
(the symbol was an uppercase A with an extra horizontal line) (ISO 4217
: ARA) replaced the peso argentino at a rate of 1 austral to 1000 pesos (one billion pesos m$n). During the period of circulation of the austral, Argentina suffered from hyperinflation
. The last months of President Raul Alfonsín
's period in office in 1989 saw prices move up constantly (200% in July alone), with a consequent fall in the value of the currency. Emergency notes of 10,000, 50,000 and 500,000 australes were issued, and provincial administrations issued their own currency for the first time in decades. The value of the currency stabilized soon after President Carlos Menem
was elected.
: ARS) replaced the austral at a rate of 1 peso = 10,000 australes (ten trillion pesos m$n). It was also referred to as peso convertible since the international exchange rate
was fixed
by the Central Bank
at 1 peso to 1 U.S. dollar and for every peso convertible circulating
, there was a U.S. dollar in the Central Bank's foreign currency reserves
. After the various changes of currency and dropping of zeroes, one peso convertible was equivalent to 10,000,000,000,000 (1013) pesos moneda nacional. However, after the financial crisis of 2001, the fixed exchange rate system was abandoned.
Since January 2002, the exchange rate fluctuated, up to a peak of four pesos to one dollar (that is, a 75% devaluation
). The export
boom then produced a massive inflow of dollars into the Argentine economy, which helped lower their price. For a time the administration stated and maintained a strategy of keeping the exchange rate at between 2.90 to 3.10 pesos per U.S. dollar, in order to maintain the competitiveness of exports and encourage import substitution
by local industries. When necessary, the Central Bank emits pesos and buys dollars in the free market (sometimes large amounts, in the order of 10 to 100 million USD per day) to keep the dollar price from dropping, and had amassed over 27,000 million USD in reserves before the 9,810 million USD payment to the IMF in January 2006.
The effect of this may be compared to the neighboring Brazilian real
, which was roughly on a par with the Argentine peso until the beginning of 2003, when both currencies were about three per U.S. dollar. The real started gaining in value more than the peso due to Brazil's slower buildup of dollar reserves; by December 29, 2009 a real was worth almost 2.2 pesos.
, 2-peso and 5-peso nickel coins were issued in 1994.
Some 2-peso coins were emitted in 1999 to commemorate the centennial of the birth of world-famous writer and poet Jorge Luis Borges
; they had an image of Borges' face on one side, and a labyrinth
and the Hebrew
letter aleph
on the other. In addition, commemorating the 50th anniversary of the death of Eva Perón
, on September 18, 2002 a new 2-peso coin with her face was created. It was said that this coin would replace the old AR$2 banknote if inflation
continued to be high. None of the 2-peso coins are currently in wide circulation.
Some other 50- and 1-peso coins exist commemorating different events, including the 50th anniversary of the creation of UNICEF (1996); the attainment of voting rights by women (1997); the establishment of Mercosur
(1998); and the death of José de San Martín
(2001).
In 2010, commemorating the bicentennial anniversary of the May Revolution
, several 1-peso coins were issued, all featuring the same obverse, different from the main series, and images of different places on the reverse, such as Mar del Plata
, the Perito Moreno Glacier
, mount Aconcagua
, the Pucará de Tilcara
, and El Palmar
.
. The problem has developed to the stage where some shop owners will not sell items if the transaction involves giving the purchaser change in coins. The problem has been exacerbated by ATMs
, which frequently give out only 100 peso notes, and by the bus companies, some of which will take only coins in payment and frequently sell these at a 5–10% markup on the black market rather than depositing them at banks. The situation improved in the years following the Argentine economic crisis (1999–2002). Some 140 bus lines have a Sube (Sistema Único de Boleto Electrónico) smartcard reader, allowing passengers to pay electronically without coins.
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
, identified by the symbol $ preceding the amount in the same way as many countries using dollar
Dollar
The dollar is the name of the official currency of many countries, including Australia, Belize, Canada, Ecuador, El Salvador, Hong Kong, New Zealand, Singapore, Taiwan, and the United States.-Etymology:...
currencies. It is subdivided into 100 centavo
Centavo
Centavo is a Spanish and Portuguese word, derived from the Latin centum, meaning "one hundred", and the suffix -avo, meaning "portion" or "fraction"...
s. Its ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
code is ARS. Several earlier currencies of Argentina were also called "peso"; as inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
progressed a new currency with a few zeroes dropped and a different qualifier (peso national currency, peso law 18188, peso argentino...) was introduced. Since 1969 thirteen zeroes have been dropped (a factor of ten trillion
Trillion
-Numbers:Either of the two numbers :* 1,000,000,000,000 for all short scale countries...
times).
In recent times the exchange rate hovered around 3 pesos per United States dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
from 2002 to 2008, and was around 4 pesos from 2009 to 2011. The country's current account
Current account
In economics, the current account is one of the two primary components of the balance of payments, the other being the capital account. The current account is the sum of the balance of trade , net factor income and net transfer payments .The current account balance is one of two major...
surplus has required periodic dollar purchases by the Central Bank to keep the value of the peso relatively undervalued for export competitiveness
Terms of trade
In international economics and international trade, terms of trade or TOT is /. In layman's terms it means what quantity of imports can be purchased through the sale of a fixed quantity of exports...
.
History
Amounts in earlier pesos were sometimes preceded by a "$" sign and sometimes, particularly in formal use, by symbols identifying that it was a specific currency, for example $m/n100 or m$n100 for pesos moneda nacional. The peso introduced in 1992 is just called peso (sometimes peso convertible), and is written preceded by a "$" sign only. Earlier pesos replaced currencies also called peso, and sometimes two varieties of peso coexisted, making it necessary to have a distinguishing term to use, at least in the transitional period; the 1992 peso replaced a currency with a different name, austral.Peso before 1826
The peso was a name often used for the silver Spanish eight-realSpanish real
The real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced...
coin. Following independence
Argentine Declaration of Independence
What today is commonly referred as the Independence of Argentina was declared on July 9, 1816 by the Congress of Tucumán. In reality, the congressmen that were assembled in Tucumán declared the independence of the United Provinces of South America, which is still today one of the legal names of the...
, Argentina began issuing its own coins, denominated in reales
Argentine real
The real was the currency of Argentina until 1881. From 1822, it was subdivided into 10 decimos. The sol was also issued during this period and was equal to the real, whilst the peso was worth 8 reales and the escudo was worth 16 reales....
, soles
Argentine sol
The sol was a currency issued in Argentina. It was equal to and circulated alongside the real, with 16 soles = 1 escudo.-Coins:Silver coins were issued in denominations of ½, 1, 2, 4 and 8 soles between 1815 and 1832....
and escudos, including silver eight-real (or sol) coins still known as pesos. These coins, together with those from neighbouring countries, circulated until 1881.
Peso fuerte, 1826–1881
In 1826, two paper money issues began, denominated in pesos. One, the peso fuerte ($F) (ISO 4217ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
: ARF) was a convertible currency, with 17 pesos fuertes equal to one Spanish ounce (27.0643 g) of 0.916 fine gold. This was changed in 1864 when the rate dropped to 16 pesos fuertes per gold ounce. It was replaced by the peso moneda nacional at par in 1881.
Peso moneda corriente, 1826–1881
The non-convertible peso moneda corrienteArgentine peso moneda corriente
The peso moneda corriente was a non-convertible Argentine paper currency which circulated between 9 January 1826, and 4 November 1881. Its symbol was $m/c. It was also known as the peso papel ....
(everyday currency) ($m/c) was also introduced in 1826. It started at par with the peso fuerte, but depreciated with time.
Although the Argentine Confederation issued 1-, 2- and 4-centavo coins in 1854, with 100 centavos equal to 1 peso = 8 reales
Argentine real
The real was the currency of Argentina until 1881. From 1822, it was subdivided into 10 decimos. The sol was also issued during this period and was equal to the real, whilst the peso was worth 8 reales and the escudo was worth 16 reales....
, Argentina did not decimalize until 1881. The peso moneda nacional
Argentine peso moneda nacional
The peso moneda nacional was the currency of Argentina between November 5, 1881 and December 31, 1969. It was subdivided into 100 centavos, with the argentino worth 5 pesos. Its symbol was m$n or $m/n. Its ISO 4217 code was ARM.-History:...
(m$n or $m/n) (ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
: ARM) replaced the earlier currencies at the rate of 1 peso moneda nacional = 8 reales
Argentine real
The real was the currency of Argentina until 1881. From 1822, it was subdivided into 10 decimos. The sol was also issued during this period and was equal to the real, whilst the peso was worth 8 reales and the escudo was worth 16 reales....
= 1 peso fuerte = 25 peso moneda corriente
Argentine peso moneda corriente
The peso moneda corriente was a non-convertible Argentine paper currency which circulated between 9 January 1826, and 4 November 1881. Its symbol was $m/c. It was also known as the peso papel ....
. Initially, one peso moneda nacional coin was made of silver and known as patacon. However, the 1890 economic crisis ensured that no further silver coins were issued.
At the beginning of the 20th century, the Argentine peso was one of the most traded currencies in the world.
Gold and silver pesos, 1881–1969
The Argentine gold coin from 1875 was the gold peso fuerte, one and two-thirds of a gram of gold of fineness 900, equivalent to one and a half grams of fine gold, defined by law 733 of 1875. This unit was based on that recommended by the European Congress of Economists in Paris in 1867 and adopted by Japan in 1873 (the Argentine 5 peso fuerte coin was equivalent to the Japanese 5 yenJapanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
).
The monetary system before 1881 has been described as "anarchistic" (anarquía monetaria). Law 1130 of 1881 put an end to this; it established the monetary unit as the peso oro sellado ("stamped gold peso", ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
: ARG), a coin of 1.612 grams of gold of fineness
Millesimal fineness
Millesimal fineness is a system of denoting the purity of platinum, gold and silver alloys by parts per thousand of pure metal by mass in the alloy. For example, an alloy containing 75% gold is denoted as "750". Many European countries use decimal hallmark stamps Millesimal fineness is a system of...
900 (90%), and the silver peso, 25 g of silver of fineness 900. Gold coins of 5 and 2.5 pesos were to be used, silver coins of one peso and 50, 20, 10 and 5 centavos, and copper coins of 2 and 1 centavos.
Peso moneda nacional, 1881–1969
The depreciated peso moneda corriente was replaced in 1881 by the paper peso moneda nacional (national currency, (m$n or $m/n) at a rate of 25 to 1. This currency was used from 1881 until 1969 The design was changed in 1899 and again in 1942.Initially the peso m$n was convertible, with a value of one peso oro sellado. Convertibility was maintained off and on, with decreasing value in gold, until it was finally abandoned in 1929, when m$n 2.2727 was equivalent to one peso oro.
Peso ley, 1970–1983
The peso ley 18.188 (ISO 4217ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
: ARL) (informally called the peso ley
Argentine peso ley
The peso ley 18.188, usually known as either peso or, to distinguish it from the earlier peso moneda nacional, informally as peso ley, was the currency of Argentina between January 1, 1970 and May 5, 1983. It was subdivided into 100 centavos. Its symbol was $, sometimes $L. Its name comes from law...
) replaced the previous currency at a rate of 1 peso ley to 100 pesos moneda nacional.
Peso argentino, 1983–1985
The peso argentinoArgentine peso argentino
The peso argentino was the currency of Argentina between June 6, 1983 and June 14, 1985. It was subdivided into 100 centavos. The symbol was $a. The ISO 4217 code was ARP.-History:...
($a) (ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
: ARP) replaced the previous currency at a rate of 1 peso argentino to 10,000 pesos ley (1 million pesos m$n). The currency was born soon after the return of democracy. However, it rapidly lost its purchasing power and was devalued several times, and was replaced by a new currency called the austral
Argentine austral
The austral was the currency of Argentina between June 15, 1985 and December 31, 1991. It was subdivided into 100 centavos. The symbol was an uppercase A with an extra horizontal line . This symbol appeared on all coins issued in this currency , to distinguish them from earlier currencies...
in June 1985.
Austral, 1985–1991
The australArgentine austral
The austral was the currency of Argentina between June 15, 1985 and December 31, 1991. It was subdivided into 100 centavos. The symbol was an uppercase A with an extra horizontal line . This symbol appeared on all coins issued in this currency , to distinguish them from earlier currencies...
(the symbol was an uppercase A with an extra horizontal line) (ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
: ARA) replaced the peso argentino at a rate of 1 austral to 1000 pesos (one billion pesos m$n). During the period of circulation of the austral, Argentina suffered from hyperinflation
Hyperinflation
In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
. The last months of President Raul Alfonsín
Raúl Alfonsín
Raúl Ricardo Alfonsín was an Argentine lawyer, politician and statesman, who served as the President of Argentina from December 10, 1983, to July 8, 1989. Alfonsín was the first democratically-elected president of Argentina following the military government known as the National Reorganization...
's period in office in 1989 saw prices move up constantly (200% in July alone), with a consequent fall in the value of the currency. Emergency notes of 10,000, 50,000 and 500,000 australes were issued, and provincial administrations issued their own currency for the first time in decades. The value of the currency stabilized soon after President Carlos Menem
Carlos Menem
Carlos Saúl Menem is an Argentine politician who was President of Argentina from 1989 to 1999. He is currently an Argentine National Senator for La Rioja Province.-Early life:...
was elected.
Peso convertible, from 1992
The current peso (ISO 4217ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
: ARS) replaced the austral at a rate of 1 peso = 10,000 australes (ten trillion pesos m$n). It was also referred to as peso convertible since the international exchange rate
Exchange rate
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...
was fixed
Fixed exchange rate
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...
by the Central Bank
Banco Central de la República Argentina
-Overview:Established by six Acts of Congress enacted on May 28, 1935, the bank replaced Argentina's Currency board, which had been in operation since 1890...
at 1 peso to 1 U.S. dollar and for every peso convertible circulating
Monetary base
In economics, the monetary base is a term relating to the money supply , the amount of money in the economy...
, there was a U.S. dollar in the Central Bank's foreign currency reserves
Reserve currency
A reserve currency, or anchor currency, is a currency that is held in significant quantities by many governments and institutions as part of their foreign exchange reserves...
. After the various changes of currency and dropping of zeroes, one peso convertible was equivalent to 10,000,000,000,000 (1013) pesos moneda nacional. However, after the financial crisis of 2001, the fixed exchange rate system was abandoned.
Since January 2002, the exchange rate fluctuated, up to a peak of four pesos to one dollar (that is, a 75% devaluation
Devaluation
Devaluation is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged....
). The export
Export
The term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country. The seller of such goods and services is referred to as an "exporter" who is based in the country of export whereas the overseas based buyer is referred to as an "importer"...
boom then produced a massive inflow of dollars into the Argentine economy, which helped lower their price. For a time the administration stated and maintained a strategy of keeping the exchange rate at between 2.90 to 3.10 pesos per U.S. dollar, in order to maintain the competitiveness of exports and encourage import substitution
Import substitution
Import substitution industrialization or "Import-substituting Industrialization" is a trade and economic policy that advocates replacing imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of...
by local industries. When necessary, the Central Bank emits pesos and buys dollars in the free market (sometimes large amounts, in the order of 10 to 100 million USD per day) to keep the dollar price from dropping, and had amassed over 27,000 million USD in reserves before the 9,810 million USD payment to the IMF in January 2006.
The effect of this may be compared to the neighboring Brazilian real
Brazilian real
The real is the present-day currency of Brazil. Its sign is R$ and its ISO code is BRL. It is subdivided into 100 centavos ....
, which was roughly on a par with the Argentine peso until the beginning of 2003, when both currencies were about three per U.S. dollar. The real started gaining in value more than the peso due to Brazil's slower buildup of dollar reserves; by December 29, 2009 a real was worth almost 2.2 pesos.
Coins
In 1992, 1-, 5-, 10-, 25- and 50-centavo coins were introduced, followed by 1 peso in 1994. The 1-centavo coins were last minted in 2001 and they have been withdrawn from circulation.| Denomination | Obverse Reverse |
|---|---|
| 1 centavo | |
| 5 centavos | |
| 10 centavos | |
| 25 centavos | |
| 50 centavos | |
| 1 peso |
Commemorative coins
Commemorating the National Constitutional Convention1994 reform of the Argentine Constitution
The 1994 amendment to the Constitution of Argentina was approved on 22 August by a Constitutional Assembly that met in the twin cities of Santa Fe and Paraná...
, 2-peso and 5-peso nickel coins were issued in 1994.
| Denomination | Obverse Reverse |
|---|---|
| 2 pesos (1994) | |
| 5 pesos (1994) | |
| 2 pesos (2007) |
Some 2-peso coins were emitted in 1999 to commemorate the centennial of the birth of world-famous writer and poet Jorge Luis Borges
Jorge Luis Borges
Jorge Francisco Isidoro Luis Borges Acevedo , known as Jorge Luis Borges , was an Argentine writer, essayist, poet and translator born in Buenos Aires. In 1914 his family moved to Switzerland where he attended school, receiving his baccalauréat from the Collège de Genève in 1918. The family...
; they had an image of Borges' face on one side, and a labyrinth
Labyrinth
In Greek mythology, the Labyrinth was an elaborate structure designed and built by the legendary artificer Daedalus for King Minos of Crete at Knossos...
and the Hebrew
Hebrew alphabet
The Hebrew alphabet , known variously by scholars as the Jewish script, square script, block script, or more historically, the Assyrian script, is used in the writing of the Hebrew language, as well as other Jewish languages, most notably Yiddish, Ladino, and Judeo-Arabic. There have been two...
letter aleph
Aleph (letter)
' is the reconstructed name of the first letter of the Proto-Canaanite alphabet, continued in descended Semitic alphabets as Phoenician ' , Syriac ' , Hebrew Aleph , and Arabic ' ....
on the other. In addition, commemorating the 50th anniversary of the death of Eva Perón
Eva Perón
María Eva Duarte de Perón was the second wife of President Juan Perón and served as the First Lady of Argentina from 1946 until her death in 1952. She is often referred to as simply Eva Perón, or by the affectionate Spanish language diminutive Evita.She was born in the village of Los Toldos in...
, on September 18, 2002 a new 2-peso coin with her face was created. It was said that this coin would replace the old AR$2 banknote if inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
continued to be high. None of the 2-peso coins are currently in wide circulation.
Some other 50- and 1-peso coins exist commemorating different events, including the 50th anniversary of the creation of UNICEF (1996); the attainment of voting rights by women (1997); the establishment of Mercosur
Mercosur
Mercosur or Mercosul is an economic and political agreement among Argentina, Brazil, Paraguay and Uruguay. Founded in 1991 by the Treaty of Asunción, which was later amended and updated by the 1994 Treaty of Ouro Preto. Its purpose is to promote free trade and the fluid movement of goods, people,...
(1998); and the death of José de San Martín
José de San Martín
José Francisco de San Martín, known simply as Don José de San Martín , was an Argentine general and the prime leader of the southern part of South America's successful struggle for independence from Spain.Born in Yapeyú, Corrientes , he left his mother country at the...
(2001).
In 2010, commemorating the bicentennial anniversary of the May Revolution
May Revolution
The May Revolution was a week-long series of events that took place from May 18 to 25, 1810, in Buenos Aires, capital of the Viceroyalty of the Río de la Plata, a Spanish colony that included roughly the territories of present-day Argentina, Bolivia, Paraguay and Uruguay...
, several 1-peso coins were issued, all featuring the same obverse, different from the main series, and images of different places on the reverse, such as Mar del Plata
Mar del Plata
Mar del Plata is an Argentine city located on the coast of the Atlantic Ocean, south of Buenos Aires. Mar del Plata is the second largest city of Buenos Aires Province. The name "Mar del Plata" had apparently the sense of "sea of the Río de la Plata region" or "adjoining sea to the Río de la Plata"...
, the Perito Moreno Glacier
Perito Moreno Glacier
The Perito Moreno Glacier is a glacier located in the Los Glaciares National Park in the south west of Santa Cruz province, Argentina. It is one of the most important tourist attractions in the Argentine Patagonia....
, mount Aconcagua
Aconcagua
Aconcagua is the highest mountain in the Americas at . It is located in the Andes mountain range, in the Argentine province of Mendoza and it lies west by north of its capital, the city of Mendoza. The summit is also located about 5 kilometres from San Juan Province and 15 kilometres from the...
, the Pucará de Tilcara
Pucará de Tilcara
The Pucará de Tilcara is a pre-Inca fortification or pucará located on a hill just outside the small town of Tilcara, in the Argentine province of Jujuy. The location was strategically chosen to be easily defensible and to provide good views over a long stretch of the Quebrada de Humahuaca.The...
, and El Palmar
El Palmar National Park
El Palmar National Park is one of Argentina's national parks, located on the center-west of the province of Entre Ríos, mid-way between the cities of Colón and Concordia...
.
The problem of change
Small denomination currency and particularly coins are often hard or impossible to come by in Argentina, especially in Buenos AiresBuenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
. The problem has developed to the stage where some shop owners will not sell items if the transaction involves giving the purchaser change in coins. The problem has been exacerbated by ATMs
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
, which frequently give out only 100 peso notes, and by the bus companies, some of which will take only coins in payment and frequently sell these at a 5–10% markup on the black market rather than depositing them at banks. The situation improved in the years following the Argentine economic crisis (1999–2002). Some 140 bus lines have a Sube (Sistema Único de Boleto Electrónico) smartcard reader, allowing passengers to pay electronically without coins.
Banknotes
In 1992, banknotes were introduced in denominations of 1, 2, 5, 10, 20, 50, and 100 pesos. The 1-peso note was replaced by a coin in 1994. The pictures below are outdated, since they bear the "Convertibles de curso legal" (meaning that value was fixed to the same amount in US dollars). New bills, printed since 2002, do not have this text. As most bills have been replaced, it is rare to find ones marked as convertible except in the large $50 and $100 denominations.| Image | Denomination | Dimensions | Color | Front | Back | |
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$1 (not currently in use, replaced by the 1-peso coin Coin A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory.... ) |
155 × 65 mm | Navy blue | Carlos Pellegrini Carlos Pellegrini Carlos Enrique José Pellegrini Bevans was President of Argentina from 6 August 1890 to 12 October 1892.... |
Argentine National Congress Argentine National Congress The Congress of the Argentine Nation is the legislative branch of the government of Argentina. Its composition is bicameral, constituted by a 72-seat Senate and a 257-seat Chamber of Deputies.... |
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$2 | Light Blue | Bartolomé Mitre Bartolomé Mitre Bartolomé Mitre Martínez was an Argentine statesman, military figure, and author. He was the President of Argentina from 1862 to 1868.-Life and times:... |
Mitre Museum Museo Mitre The Museo Mitre in Buenos Aires, Argentina, is a museum dedicated to Argentine history, as well as to the legacy of President Bartolomé Mitre.-Overview:... |
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$5 | Green | José de San Martín José de San Martín José Francisco de San Martín, known simply as Don José de San Martín , was an Argentine general and the prime leader of the southern part of South America's successful struggle for independence from Spain.Born in Yapeyú, Corrientes , he left his mother country at the... |
Cerro de la Gloria Mendoza, Argentina Mendoza is the capital city of Mendoza Province, in Argentina. It is located in the northern-central part of the province, in a region of foothills and high plains, on the eastern side of the Andes. As of the , Mendoza's population was 110,993... |
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$10 | Brown | Manuel Belgrano Manuel Belgrano Manuel José Joaquín del Corazón de Jesús Belgrano , usually referred to as Manuel Belgrano, was an Argentine economist, lawyer, politician, and military leader. He took part in the Argentine Wars of Independence and created the Flag of Argentina... |
National Flag Memorial National Flag Memorial (Argentina) The National Flag Memorial in Rosario, Argentina, is a monumental complex built near the shore of the Paraná River... |
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$20 | Red | Juan Manuel de Rosas Juan Manuel de Rosas Juan Manuel de Rosas , was an argentine militar and politician, who was elected governor of the province of Buenos Aires in 1829 to 1835, and then of the Argentine Confederation from 1835 until 1852... |
Battle of Vuelta de Obligado Battle of Vuelta de Obligado The naval Battle of Vuelta de Obligado took place on the waters of the Paraná River on November 20, 1845, between the Argentine Confederation, under the leadership of Juan Manuel de Rosas, and an Anglo-French fleet.- Background :... |
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$50 | Black | Domingo Faustino Sarmiento Domingo Faustino Sarmiento Domingo Faustino Sarmiento was an Argentine activist, intellectual, writer, statesman and the seventh President of Argentina. His writing spanned a wide range of genres and topics, from journalism to autobiography, to political philosophy and history... |
Casa Rosada Casa Rosada La Casa Rosada is the official seat of the executive branch of the government of Argentina, and of the offices of the President. The President normally lives at the Quinta de Olivos, a compound in Olivos, Buenos Aires Province. Its characteristic color is pink, and is considered one of the most... |
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| $100 | Violet | Julio Argentino Roca Julio Argentino Roca Alejo Julio Argentino Roca Paz was an army general who served as President of Argentina from 12 October 1880 to 12 October 1886 and again from 12 October 1898 to 12 October 1904.-Upbringing and early career:... |
Conquest of the Desert Conquest of the Desert The Conquest of the Desert was a military campaign directed mainly by General Julio Argentino Roca in the 1870s, which established Argentine dominance over Patagonia, which was inhabited by indigenous peoples... |
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| These images are to scale at 0.7 pixels per millimeter, a standard for world banknotes. | ||||||
See also
- Casa de Moneda de la República Argentina - Argentine mint
- Economy of ArgentinaEconomy of ArgentinaThis article provides an overview of the Economic history of Argentina.-Emergence into the world economy:Prior to the 1880s, Argentina was a relatively isolated backwater, dependent on the wool, leather and hide industry for both the greater part of its foreign exchange and the generation of...
- Historical exchange rates of Argentine currencyHistorical exchange rates of Argentine currencyThe following table contains the monthly historical exchange rate of the different currencies of Argentina, expressed in Argentine currency units per United States dollar...
- Peso corriente, Spanish Wikipedia
- Peso moneda nacional, Spanish Wikipedia
Further reading
- Cunietti-Ferrando, Arnaldo J.: Monedas de la Republica Argentina desde 1813 a nuestros Dias. Cooke & Compañia. Editores Numismaticos, Buenos Aires, 1978.
- Cunietti-Ferrando, Arnaldo J.: Monedas y Medallas. Cuatro siglos de historia y Arte. Coins and Medals. Four centuries of history and art. Manrique Zago ediciones, Buenos Aires, 1989.
- Janson, Hector Carlos: La Moneda Circulante En El Territorio Argentino 1767-1998. Buenos Aires, 1998.