1 Peso

The Tesorería General de la República Argentina occupied an awkward institutional position in the 1850s and 1860s — it was a federal treasury office, not a bank, and its authority to issue circulating notes was constitutionally contested almost from the start. This 1 Peso emerged during a period when the Argentine Confederation and the Province of Buenos Aires were effectively running parallel monetary systems, with Buenos Aires refusing to join the Confederation until 1859 and only reluctantly integrating thereafter.

PS#225 is among the scarcer Tesorería issues; surviving examples tend to show heavy circulation, which reflects both the genuine transactional demand these notes met in the interior provinces and the poor-quality paper stock used throughout the series.