10 Pesos

Argentina's Caja de Conversión was established under the 1899 Conversion Law specifically to stabilize the peso after two decades of catastrophic inflationary issues from the Banco Nacional and provincial banks. The Caja operated under a strict gold-exchange standard: notes could only be issued against gold held in reserve, a direct structural response to the 1890 Baring Crisis, which had effectively bankrupted the Argentine state and triggered a full suspension of convertibility.

The 1903–1907 dating on P#237A reflects the phased release of the series, not a single print run. Convertibility was formally suspended again in 1914 when war made gold movements impractical, ending the brief period in which these notes actually functioned as intended.