5 Centavos

The South American Bank Note Company operated out of Buenos Aires as a local subsidiary arrangement, giving Argentina one of the few countries in the region printing its own paper currency domestically rather than contracting to American Bank Note or Bradbury Wilkinson abroad. Whether this translated to consistent quality control across the 1892–1896 issue is debatable — the lower denominations in particular show noticeable variation in ink saturation between print runs.

The Banco de la Nación Argentina itself was only founded in October 1891, created by the national government to replace the collapsed Banco Nacional following the severe financial crisis of 1890 — the same crisis that forced Argentina into default and ended Baring Brothers' near-monopoly on Argentine sovereign debt.