50 Pesos

The Banco y Casa de Moneda de Buenos Ayres occupied an unusual institutional position — it was simultaneously a bank of issue and a mint, a dual function that reflects the monetary awkwardness of Buenos Aires province in the years following its reintegration into the Argentine Confederation. By 1864 the province was operating under significant fiscal strain, and paper emissions from this period were effectively inconvertible in practice despite nominal convertibility on paper.

PS#445 is a scarce survivor. Notes from this issuer were subject to repeated redemption and reissue cycles, and attrition was high.