5 Pesos

The Banco de Londres y Sud America was the Argentine subsidiary of the London and River Plate Bank, one of the most powerful British merchant banks operating in South America through the latter half of the nineteenth century. Its Argentine note-issuing privileges were tied directly to the complex provincial and national banking legislation of the 1860s–1870s, a period when multiple private banks simultaneously held authority to circulate paper currency alongside — and often competing with — federal issues.

American Bank Note Company printed the bulk of Latin American private bank issues during this period, and the S251 series shares plate work with several contemporaneous issues from other ABnc clients in the region. The "S" prefix in the Pick reference denotes unlisted or specialist classification — these circulated as genuine currency, not scrip.