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50 Pesos
| Issuer | Provincia de Córdoba |
|---|---|
| Year | 2001 |
| Type | Log in to see details |
| Value | Log in to see details |
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| Composition | Log in to see details |
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| In circulation to | 2003 |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | Reverse printed predominantly in violet on pale paper, with the large numeral '50' at upper right. The upper portion carries the heading 'LECOP CORDOBA' and the decree reference '(Decreto N° 2860/01)'. Below, four numbered articles of legal text in Spanish set out the statutory basis for the instrument's issuance, its denomination as Letras de Cancelación de Obligaciones Provinciales, and the terms of amortisation and interest. The provincial coat of arms appears at lower right. |
| Reverse lettering | LECOP CORDOBA (Decreto N° 2860/01) Artículo 1°: CREANSE las letras de cancelación de obligaciones provinciales como instrumentos de pago legalmente previstos para la extinción de las obligaciones de cualquier naturaleza del sector público provincial. Artículo 2°: LOS instrumentos de pago creados por el artículo anterior se denominarán LETRAS DE CANCELACION DE OBLIGACIONES PROVINCIALES DE CORDOBA (LECOP CORDOBA). Artículo 7°: LOS pagos efectuados a los acreedores mediante la entrega de las LECOP CORDOBA importa la extinción irrevocable de los créditos por cuya causa se formaliza la entrega. Artículo 8°: LAS LECOP CORDOBA se emitirán (...) a treinta y seis (36) meses de plazo y devengarán un interés anual del siete por ciento (7%). El total del capital se amortizará al vencimiento del plazo señalado. El pago de los intereses se efectuará en cuatro (4) cuotas trimestrales, con vencimiento: la primera de ellas - a los veintiuno (21) meses de la fecha de emisión. 50 |
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| Comments |
Argentina's provincial quasi-currencies of the early 2000s emerged from a straightforward fiscal trap: provinces could not devalue the peso themselves under convertibility, but they could print their own bonds and pay workers and suppliers in scrip. Córdoba's series, locally called "lecops" or more precisely tied to the broader patacón phenomenon depending on the province, functioned as parallel legal tender accepted for provincial taxes — which gave them real purchasing power even as the federal system buckled toward the December 2001 collapse.
The PS# reference being unassigned suggests this particular denomination remains poorly documented in the standard Pick supplement catalog for provincial Argentine emissions.