Catalog
50 Pesos
| Issuer | Tesorería de la Provincia de Buenos Aires |
|---|---|
| Year | 2002 |
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| Currency | Peso (1992-date) |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | PROVINCIA DE BUENOS AIRES LETRA DE TESORERIA PARA CANCELACION DE OBLIGACIONES (PATACON) AL PORTADOR LEY N° 12.727 CINCUENTA PESOS VALOR NOMINAL DARDO ROCHA 50 PESOS |
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| Reverse lettering | LEY N° 12.727 ARTICULO 1°: "Declárese en estado de emergencia administrativa, económica y financiera al Estado Provincial..." ARTICULO 7°: "Apruébase la emisión de Letras de Tesorería para Cancelación de Obligaciones, las que se denominarán "Patacón"..." ARTICULO 8°: "Las Letras de Tesorería para Cancelación de Obligaciones pagarán el ciento siete por ciento (107%) de su valor nominal el 25 de julio de 2002..." ARTICULO 11°: "El pago efectuado al acreedor mediante Patacones o Bonos de Cancelación de Obligaciones, importará la extinción irrevocable de los créditos por los que se efectúa la entrega." 50 PESOS |
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| Comments |
The Buenos Aires provincial treasury notes of 2002 — collectively known as Patacones — were a direct consequence of Argentina's convertibility crisis and the federal government's failure to transfer tax revenues to the provinces. Buenos Aires, unable to meet its payroll obligations in federal pesos, began issuing its own quasi-currency in August 2001. By 2002 the series had expanded significantly, and notes of this denomination were accepted for provincial taxes and some private transactions, giving them a de facto monetary function without any formal central bank authorization.
Several Argentine provinces issued similar instruments simultaneously, but the Patacón became the most widely recognized. The program was wound down and redeemed at par once federal transfers normalized — a faster resolution than most expected.