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1 Austral Overprint on 1000 Pesos Argentinos
| Issuer | Banco Central de la República Argentina |
|---|---|
| Year | 1985 |
| Type | Log in to see details |
| Value | 1 Austral (1 ARA) |
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| Obverse description | Intaglio portrait of General José de San Martín in three-quarter view occupies the right half of the note, captioned 'Gral. SAN MARTIN' at lower right, set against an intricate multicolour guilloche underprint. A large central medallion with the denomination 'MIL' in bold letterpress is surrounded by fine lathe-work rosettes. A green rectangular overprint stamp at centre-left reads 'A1 / UN AUSTRAL', revaluing the note under the 1985 monetary reform. |
|---|---|
| Obverse lettering | BANCO CENTRAL DE LA REPUBLICA ARGENTINA MIL Pesos Argentinos SUB GERENTE GENERAL PRESIDENTE A1 UN AUSTRAL (Translation: Central Bank of the Argentine Republic / One Thousand / Argentinian Pesos / Deputy General Manager / President / 1 Austral) |
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| Comments |
Argentina's June 1985 Austral Plan was one of the most abrupt currency conversions in Latin American history — overnight, the peso argentino was replaced at a rate of 1,000 to 1, and rather than wait for newly designed notes to come off the presses in sufficient volume, the Central Bank simply overprinted existing 1,000 peso argentino stock with the new denomination. The conversion rate was by design exactly reflected in the face value: one austral on a one-thousand peso note, no rounding required.
The Austral Plan initially succeeded in breaking triple-digit monthly inflation, but the stabilization proved short-lived. By 1989, inflation had returned with force, and the austral itself would be replaced by the convertible peso in 1992.