1 Peso

The Banco Nacional de las Provincias Unidas del Río de la Plata was itself a contested institution — established in 1826 under Bernardino Rivadavia's centralizing reforms, it became a political target almost immediately, caught between federalist opposition to Buenos Aires-controlled banking and the financial chaos of the war with Brazil. By the time this note was issued, the bank was operating under severe strain, its specie reserves depleted and its notes trading at a discount against hard currency.

Printed locally in Buenos Aires rather than contracted to a European house, the production quality reflects those constraints. The bank was formally liquidated in 1836, meaning notes dated within this series were issued partly by an institution already in the process of being wound down.