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| 正面铭文 | PROVINCIA DE RIO NEGRO DECRETO 9/95 AL PORTADOR CERTIFICADOS DE DEUDA DE LA PROVINCIA DE RIO NEGRO 1 UN PESO CEDERN - SERIE A FECHA DE EMISION: 04 - 12 - 95 (Translation: PROVINCE OF RIO NEGRO DECREE 9/95 TO THE CARRIER DEBT CERTIFICATES OF THE PROVINCE OF RIO NEGRO 1 ONE PESO CEDERN - SERIES A ISSUE DATE: 04 - 12 - 95) |
| 背面描述 | The reverse carries the full text of the authorising decree in Spanish, arranged in dense columns of letterpress print under the heading 'Certificados de Deuda de la Provincia de Río Negro'. A stylised 'D' vignette watermark-style motif appears at lower left, and a floral spray underprint in pale blue occupies the right margin. The five articles of the law set out the terms of issuance, redemption schedule, annual interest rate of 12%, and eligible uses of the CEDERN certificates. |
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Río Negro was one of several Argentine provinces that issued its own quasi-currency during the chronic fiscal crises of the 1990s, when provincial governments ran structural deficits that the federal treasury refused to cover and the convertibility regime made peso devaluation impossible. These notes — formally termed "Letras de Cancelación de Deudas" or similar instruments depending on the province — circulated alongside federal currency as de facto wages and supplier payments, accepted by provincial employees under duress rather than by choice.
Casa de Moneda's involvement gave the issue a degree of physical credibility, but that did little to improve its reception. Most provincial paper of this period was redeemed at a discount when it was redeemed at all.