25 Pesos

The Confederación Argentina was a short-lived political entity — the rump state that emerged after Buenos Aires seceded from the Argentine Republic in 1852 and didn't reunite until 1861. Paraná served as the Confederation's capital during this period, and notes printed there reflect an administration perpetually short of hard currency and politically isolated from the commercial weight of Buenos Aires.

Local printing in Paraná, rather than contracting a European security printer, was a fiscal necessity. The quality of domestically produced paper currency from this period is generally inconsistent, and PS#196 survivors tend to show the limitations of provincial presswork.