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| 正面铭文 | PROVINCIA DE TUCUMAN BONOS DE CANCELACION DE DEUDAS LEY N° 5728 AL PORTADOR FECHA DE CADUCIDAD 31 DE DICIEMBRE DE 2003 DOS PESOS (Translation: PROVINCE OF TUCUMAN DEBT CANCELLATION BONDS LAW No. 5728 TO THE BEARER EXPIRY DATE DECEMBER 31, 2003 TWO PESOS) |
| 背面描述 | Plain white reverse printed in black letterpress with the full text of the authorizing legislation. The heading identifies the bond series and references the amending laws. The large numeral '2' appears in light underprint at left. An 'X' security mark is present at lower right. |
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Tucumán's quasi-currency emission of 1999 belongs to the wave of provincial "cuasimonedas" that proliferated across Argentina as the convertibility straitjacket — one peso pegged to one dollar — starved provincial governments of liquidity. Unable to devalue or print national currency, cash-starved provinces issued their own obligations in lieu of wages and public payments. Tucumán's notes circulated alongside those of at least a dozen other provinces, all technically redeemable in pesos but trading at discounts in practice.
The series preceded the full collapse by roughly two years; when the convertibility system finally broke in late 2001, most surviving provincial paper was absorbed into federal emergency settlement arrangements at negotiated rates.