20 Pesos

The Confederación Argentina was the rival federal government headquartered in Paraná, existing in direct political opposition to the Estado de Buenos Aires during the late 1850s. This note was issued under that short-lived authority, which effectively ceased to function as a separate entity after the Battle of Pavón in 1861 reunified the country under Buenos Aires dominance — making any paper issued in its name politically obsolete almost immediately.

The PS prefix in Pick's catalogue signals this as a privately issued or provisional state note, and surviving examples from this series are genuinely scarce. The Confederación's fiscal situation was chronically desperate throughout its existence, dependent on customs revenue from the port of Rosario that never rivaled what Buenos Aires extracted from its own harbor.