50 Centavos

The Banco Nacional was Argentina's primary state-linked commercial bank during the 1880s, not a true central bank — a distinction that mattered enormously when it collapsed in 1891 amid the broader Baring Crisis, triggering one of the worst financial panics in Argentine history. Notes from this 1884 series were caught in that collapse, and the chaotic redemption and repudiation process that followed means surviving examples in any grade are genuinely hard to locate.

ABNC printed extensively for South American clients in this period, and the quality of the intaglio work on this series reflects the company's peak New York output before the 1879 merger had fully settled.