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10 Pesos
| Issuer | Provincia de Chaco |
|---|---|
| Year | 2001 |
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| Reference(s) | P#S0 |
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|---|---|
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| Reverse description | The reverse is printed in salmon-pink tones and carries a dense block of legal text in Spanish across the central field, setting out the regulatory framework for the Quebracho certificates under Ley N° 4951/01 and Decreto N° 1690/01. The articles cited (4, 6, 8, and 10) authorise the provincial executive to issue the certificates, define their form and security requirements, and establish parity with the Peso Convertible de Curso Legal. A decorative guilloche border runs along both vertical edges, and the denomination '10 PESOS' is printed at upper right and lower left. The closing line reads 'Resistencia, 3 de Octubre de 2001'. |
| Reverse lettering | CERTIFICADOS DE CANCELACION DE OBLIGACIONES DE LA PROVINCIA DEL CHACO "QUEBRACHO" Ley N° 4951/01 - Decreto N° 1690/01 Artículo 4: Autorízase al Poder Ejecutivo Provincial a emitir certificados de cancelación de obligaciones... Artículo 6: Los Certificados de Cancelación "QUEBRACHO"... contendrán la formalidad y seguridad exigidas por los artículos 742 a 745 del Código de Comercio... Artículo 8: El pago de toda obligación dineraria... efectuado con Certificados de Cancelación "QUEBRACHO", implicará la extinción irrevocable de la obligación. Artículo 10: Los Certificados de Cancelación "QUEBRACHO" tendrán una paridad de uno igual a uno con el Peso Convertible de Curso Legal. Conforme el Art. 18 los Certificados de Cancelación "QUEBRACHO" tienen la garantía de la Coparticipación Federal de Impuestos que le correspondan a la Provincia del Chaco Resistencia, 3 de Octubre de 2001 10 PESOS |
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| Comments |
The Chaco provincial bond notes of 2001 were among the most visible symptoms of Argentina's fiscal disintegration in the months before the December collapse. With the national government enforcing convertibility and restricting provincial access to federal funds, Chaco — one of the poorest provinces — resorted to issuing its own quasi-currency to meet payroll obligations. These circulated alongside similar instruments from a dozen other provinces, collectively flooding the economy with billions in unbacked paper that ordinary residents had little choice but to accept.
Casa de Moneda's involvement gave the series a degree of physical credibility that some provincial issues lacked. The paper held up; the fiscal arrangement behind it did not.