25 Pesos

Banco de Londres y Sud América was a British-owned commercial bank operating across South America in the nineteenth century, with branches in Buenos Aires, Montevideo, Valparaíso, and Lima. This 25 Peso note dates from a period when privately issued bank paper dominated Argentine circulation — the Banco Nacional wouldn't arrive until 1872, the same year this note was printed, and a unified national currency was still over a decade away.

The S-prefix in the Pick reference places this firmly in the Specialized catalogue's private and commercial bank section, distinct from government issues. Cotton substrate was standard for the British-connected houses of the period, generally sourced through London suppliers.