20 Centavos

Provincial note issues from Argentina in the 1920s were rare — the national banking framework had long suppressed subnational currency, and most provinces had no issuing authority of their own by this period. Jujuy, one of the poorer and more isolated northern provinces, occupying the Puna and quebrada country near the Bolivian border, had persistent small-change shortages that the national money supply simply didn't address efficiently at the retail level.

The PS prefix in the Pick catalogue places this firmly in the emergency or provisional issues category. Fractional centavo notes of this vintage from minor Argentine provincial authorities are genuinely uncommon in any grade.