5 Pesos

Argentine provinces retained emergency note-issuing authority well into the twentieth century, and Mendoza exercised it during the credit contractions that accompanied the First World War's disruption of trade finance. Provincial notes of this period were purely local instruments — accepted within the province but not always taken willingly outside it, and frequently subject to discount by Buenos Aires merchants who treated them as a credit risk rather than legal tender.

The PS prefix in the Pick catalog places this squarely in the South American states and provinces section, a category dominated by fiscal improvisation. Locally printed in Mendoza rather than contracted to a foreign security printer — an unusual choice that raises questions about quality control in the perforation and serial numbering.