20 Pesos Bolivianos

Banco del Comercio was one of several provincial Argentine banks that briefly held note-issuing authority during the 1860s, operating out of Gualeguay in Entre Ríos province. The political situation was genuinely complicated — Entre Ríos under Justo José de Urquiza had long maintained a degree of financial autonomy from Buenos Aires, and local commercial banks filled a credit vacuum that the national system had not yet closed.

The PS prefix in Pick's South America catalog signals a private or provincial issuer outside the central banking structure. By 1876, national legislation had effectively ended this era of fragmented provincial note issue, making surviving examples from institutions like Banco del Comercio rare by simple attrition — short operating windows, low original print runs, and no reason to preserve what became worthless paper.