200 Pesos

The Confederación Argentina — the rump state that governed from Paraná after Buenos Aires seceded in 1852 — issued this note through its Ministerio de Hacienda at a time when the Confederation had no functioning central bank and desperately thin fiscal resources. Printing locally in Paraná rather than contracting a European house was a practical necessity, not a choice; the Confederation lacked the credit and the cash to do otherwise.

The result was a technically modest product by mid-century standards. Notes of this series are rarely encountered today, largely because the Confederation itself ceased to exist after Buenos Aires defeated Urquiza's forces at Pavón in 1861 and absorbed the remaining provinces.