20 Centavos

The Banco Nacional was Argentina's primary federal banking institution through the 1880s, operating under close government direction during a period of aggressive infrastructure spending and foreign borrowing. This small-denomination note was part of a series issued just before the monetary expansion policies of the late Roca presidency began to seriously destabilize the peso, ultimately contributing to the Baring Crisis of 1890 that forced the bank's own liquidation.

The dual signature of Julio Roca and Norberto de la Riestra Sastre places this firmly in the pre-collapse years. Series "P" notes carry different signatories — a minor but cataloged distinction collectors should verify before attributing.