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The South American Bank Note Company was established in Buenos Aires specifically to reduce Argentina's dependence on foreign printers — chiefly the American Bank Note Company in New York, whose plates had dominated Argentine currency production for decades. This note is among the earlier products of that domestic operation, and the quality gap between local and imported printing was a frequent complaint among bank officials of the period.

Banco de la Nación Argentina was itself relatively young at this point, having been founded in 1891 following the catastrophic financial crisis that destroyed its predecessor, the Banco Nacional.