20 Pesos Convertibles de Curso Legal 1st issue

This note belongs to the first peso convertible series launched under the Convertibility Plan of April 1991, in which Carlos Menem's government pegged the Argentine peso one-to-one with the US dollar by law — a radical break from decades of chronic devaluation and hyperinflation that had, by 1989, reached an annualized rate exceeding 3,000 percent. The Casa de Moneda in Buenos Aires produced the entire run domestically, a deliberate political choice given earlier dependence on foreign printers.

The convertibility regime held through multiple regional crises before collapsing spectacularly in December 2001, when Argentina froze bank deposits in the "corralito" and the peg was abandoned. Notes from this first issue were gradually withdrawn as redesigned emissions entered circulation through the mid-1990s.