15 Pesos Fuertes

The Banco Nacional was a short-lived commercial institution operating under Argentine federal charter, and the 15-peso-fuertes denomination is one of the more unusual face values in the series — denominations like 15 were sometimes chosen to correspond to specific customs duties or commercial transaction norms rather than simple doubling sequences. The American Bank Note Company held a near-monopoly on South American government and banking contracts during this period, and notes from this era typically share plate geometry and border stock with contemporaneous issues from other regional clients.

PS#654 is among the scarcer survivors from this issuer. The bank's operating period was brief, and redemption or destruction of unissued remainders was common when successor institutions absorbed its functions.