10 Pesos

The Provincia de Santa Fé notes of 1890 were issued at the worst possible moment — Argentine provincial finances were collapsing in the lead-up to the Baring Crisis, when the London banking house of Baring Brothers nearly failed under the weight of defaulted Argentine sovereign debt. Provincial paper was already distrusted before the crisis fully broke; after it, much of it became worthless in practical terms.

The Compañía Sud Americana de Billetes de Banco was Argentina's own banknote printing firm, established in Buenos Aires to reduce dependence on European printers. This note is among the earlier pieces produced domestically under that arrangement.