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The Provincias Ligadas del Norte was a short-lived confederation of Argentine interior provinces — Tucumán, Salta, Jujuy, and Catamarca — that briefly attempted political and economic coordination in the early 1840s against the backdrop of Rosas's domination of Buenos Aires. The Banco Hipotecario issued this note as part of that fragile regional project. Mortgage-backed provincial banks of this period in Argentina were almost universally undercapitalized, and most emissions were redeemed, repudiated, or simply abandoned within a few years of issue.

Surviving examples from this emission are genuinely rare. The political instability that produced the note also ensured its early disappearance from circulation.