50 Pesos

Buenos Aires province issued paper money through its customs house in 1820 during a period of extreme fiscal stress — the provincial government had essentially no functioning central treasury, and the Aduana became a de facto issuing authority by necessity. These notes circulated within a commercial environment still adjusting to independence from Spain, with no established central bank and chronic coin shortages driving demand for any workable paper instrument.

PS#111 is among the earliest documented Argentine provincial paper issues. Locally printed and sealed rather than engraved abroad, the production quality reflects the limitations of Buenos Aires printing infrastructure at the time.