40 Pesos

The Province of Buenos Aires was operating without a formal banking institution in 1820 — the Banco de la Provincia de Buenos Aires would not be established until 1822. Fiscal instruments like this one were issued directly through the Hacienda and Customs apparatus to meet immediate government obligations, functioning more as assignats than conventional banknotes. The year itself was one of acute political fragmentation: the Battle of Cepeda in February 1820 had dissolved the central government entirely, leaving provincial authorities to manage finance independently.

The sole security feature was an official seal — no printed serial numbering, no complex intaglio work. Forgery risk was real, and the provincial government knew it.