25 Pesos

The Confederación Argentina was the rump state that formed after Buenos Aires seceded in 1852, and Paraná served as its provisional capital. Notes issued under El Gobierno Nacional during this period were printed locally under conditions that reflected the Confederation's chronic fiscal weakness — the printing quality is visibly rougher than contemporaneous Buenos Aires issues, which had access to better-equipped presses and imported engravers.

The PS prefix in the Pick Standard catalogue places this among provincial and quasi-governmental Argentine issues, a classification that understates how seriously this currency functioned within Confederation territory. Buenos Aires and the Confederation ran competing monetary systems until reunification in 1861, and notes like this one circulated in an economy deliberately cut off from the port revenues that made porteño finance more stable.

Surviving examples from Paraná-printed Confederation issues are genuinely uncommon — the political turmoil of reunification did not favor careful preservation.