20 Pesos

The Confederación Argentina was a short-lived political entity distinct from the Argentine Republic — Buenos Aires had seceded and was operating independently, leaving the interior provinces to govern themselves under Urquiza. This note was issued by that federal government, not by a Buenos Aires bank, which matters: the Confederation was chronically underfunded, had no reliable tax base, and depended heavily on customs revenue from the Paraná river ports that Buenos Aires deliberately undercut.

PS# prefix indicates this is catalogued under Pick's Specialized volume for provisional and emergency issuers. Survival rate for Confederation-era paper is low — these notes circulated in an economically stressed interior and few were preserved after reunification in 1861 rendered them politically awkward.