5 Pesos

The provincial treasury notes of Santa Fé emerged from a severe liquidity crisis gripping Argentina's interior provinces in the late 1880s. The Baring Crisis of 1890 effectively strangled credit, and Buenos Aires could not — or would not — backstop provincial finances. Santa Fé issued its own paper as a stopgap, a decision that sat in legally ambiguous territory given ongoing federal debates over currency consolidation.

Provincial treasury issues from this period were frequently refused outside their home province, limiting genuine circulation. The Caja de Conversión reforms of the early 1890s eventually rendered most of these notes obsolete, and survival rates are correspondingly low.