1 Peso

The Banco Provincial de Tucumán was one of several Argentine provincial banks empowered to issue currency under the 1882 banking law, which allowed provinces to back their notes with public land and government bonds rather than specie. This arrangement collapsed spectacularly in 1890 during the Baring Crisis, when the collapse of sovereign debt and a run on provincial banks triggered the broader financial panic that nearly brought down Barings Brothers in London. Notes from Tucumán circulating in 1888 were already operating in an increasingly fragile system.

The Compañía Sud-Americana de Billetes de Banco — the South American Bank Note Company — was established in Buenos Aires specifically to serve the surge in provincial note demand during the 1880s boom years.