50 Australes

The Banco de la Provincia de Buenos Aires is the oldest bank in Argentina, predating the national central bank by decades, and its provincial note-issuing history is long and complicated. This 1985 austral-denominated issue, however, belongs to a very narrow window — the austral itself was only introduced in June 1985 as Alfonsín's emergency replacement for the peso argentino, with one austral exchanging at 1,000 pesos argentinos, a ratio that tells you everything about the inflationary damage that had preceded it.

Provincial issues running parallel to federal currency were legally permitted under Argentina's federal banking structure but grew politically contentious as hyperinflation accelerated through the late 1980s.