Catalog
20 Pesos
| Issuer | Provincia de Mendoza |
|---|---|
| Year | 2007 |
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| Shape | Rectangular |
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| Reverse description | The reverse is typeset entirely in black on uncoated white paper, with no pictorial vignette. The header repeats 'PROVINCIA DE MENDOZA' and 'LETRAS DE TESORERIA PETROM' above the citation 'LEY 6982', followed by the full legislative text in three numbered articles authorising the Province to issue the PETROM treasury bills up to a maximum of 150,000,000 pesos, secured against petroleum royalty revenues, with maturity set at 30 March 2007 and redemption at 135% of face value. The layout is entirely typographic, reflecting the instrument's quasi-fiscal character. |
| Reverse lettering | PROVINCIA DE MENDOZA LETRAS DE TESORERIA PETROM LEY 6982 Artículo 1°.- Autorízase al Poder Ejecutivo a contraer un empréstito público, representado por un programa de emisión de Letras de Tesorería denominadas PETROM, en una o varias series, hasta un importe máximo de PESOS CIENTO CINCUENTA MILLONES ($ 150.000.000). Artículo 2°.- Las Letras de Tesorería serán canceladas y su vencimiento y hasta que ello ocurra se garantizará con un fondo público integrado por la afectación periódica de un porcentaje de los recursos que ingresen por regalías petrolíferas, sólo en la porción de recursos que a la Provincia le correspondan, según ley de participación municipal. Artículo 3°.- Las Letras de Tesorería serán nominadas en pesos y tendrán su vencimiento el día 30 de marzo de 2007, fecha en que se cancelará el ciento treinta y cinco por ciento (135%) de su valor nominal. La amortización o rescate de las Letras de Tesorería será atendido con los recursos que se hayan acumulado en virtud de la afectación estipulada en el artículo 3°. |
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| Comments |
Mendoza's provincial currency program was revived in 2002 during Argentina's catastrophic peso crisis, when the federal government's corralito banking freeze left provinces unable to meet payroll. These quasi-currencies — known collectively as "cuasimonedas" — were issued by at least fourteen provinces simultaneously, functioning as parallel legal tender within their respective territories. Mendoza's were called Petros, pegged nominally to the national peso.
By 2004 the federal government had committed to redeeming all provincial paper at par, and most series were withdrawn fairly quickly. A 2007 date on a Mendoza provincial issue is late enough to warrant scrutiny — whether this represents a reprint, a dated replacement stock, or a collector issue deserves verification against Casa de Moneda production records.