20 Pesos Convertibles de Curso Legal 2nd issue

The "convertibles de curso legal" legend dates this note to the Convertibility Plan era — the 1991 monetary framework that pegged the Argentine peso at exactly one-to-one with the US dollar and required the central bank to hold dollar reserves matching every peso in circulation. That arrangement held for a decade before collapsing spectacularly in late 2001, triggering the worst sovereign default in history at that point, a banking freeze, and a series of five presidents in eleven days.

Notes from the tail end of this series, dated into 2003, were issued after the peg had already been abandoned in January 2002 — meaning the "convertibles" legend was legally void on the very paper still being printed by Casa de Moneda. The text was eventually dropped in subsequent redesigns.