4 Reales Plata Boliviana

The "Plata Boliviana" denomination is the telling detail here. By the 1860s, Bolivian silver coinage — particularly the macuquina and the later republican eight-real pieces — circulated more freely in the Argentine interior provinces than domestic Argentine currency did. Santa Fé's commercial bank was effectively acknowledging that reality by anchoring its notes to Bolivian silver rather than to any Buenos Aires standard.

PS#1589 is among the earliest documented private bank issues from Santa Fé province, predating the national currency unification efforts that would eventually make such regional specie-referenced notes obsolete.