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50 Pesos
| Issuer | Provincia de Río Negro |
|---|---|
| Year | 1995-1996 |
| Type | Log in to see details |
| Value | 50 Pesos |
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| Obverse description | The provincial coat of arms appears at the left, printed in red-orange, set against a light guilloche underprint with a floral vignette motif. The large numeral '50' is printed in the upper left corner and again in bold typography at centre, with the written denomination CINCUENTA PESOS below. The issuing authority, series designation CEDERN - SERIE A, emission date, and two manuscript signature blocks for the Minister of Finance and the Governor appear in the lower right. |
|---|---|
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| Reverse lettering | CERTIFICADOS DE DEUDA DE LA PROVINCIA DE RIO NEGRO Artículo 1°.- Autorízase al Poder Ejecutivo a disponer la emisión de 'Certificados de Deuda de la Provincia de Río Negro' (CEDERN) para ser solicitados al pago total o parcial de las obligaciones del sector público provincial, compensándolas a los valores establecidos por el presente Decreto-Ley. Estos Autorizados los Decretos, formarán con participación del Estado y los restantes Poderes del Estado, hasta la suma de pesos cien millones ($ 100.000.000). Artículo 2°.- Los gastos del Estado Provincial, consistentes en remuneraciones, indemnizaciones, compensaciones, salarios o de deudas Provinciales correspondientes hasta el 1° de Octubre del año en curso, podrán ser cancelados en el sector público provincial con CEDERN. A partir del mes de Octubre de 1995, las obligaciones antes enumeradas, tomando sus montos butos totales, con exclusión de las asignaciones familiares y reconocimiento de alícuotas, se podrán cancelar con CEDERN, hasta los porcentajes establecidos en la siguiente escala: ... (Translation: DEBT CERTIFICATES OF THE PROVINCE OF RIO NEGRO Article 1.- The Executive Branch is authorised to arrange the issuance of 'Debt Certificates of the Province of Río Negro' (CEDERN) to be applied to full or partial payment of provincial public sector obligations, offsetting them at the values established by this Decree-Law. Article 2.- Provincial State expenditures consisting of remuneration, indemnities, compensations, salaries or Provincial debts up to 1 October of the current year may be settled in the provincial public sector with CEDERN. From October 1995, the obligations listed above, taking their gross totals excluding family allowances and recognition of rates, may be cancelled with CEDERN up to the percentages set in the following scale: ...) |
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| Comments |
Río Negro's provincial bonds — the so-called "Petrobonos" and related quasi-currency series — emerged from the fiscal stranglehold that convertibility imposed on Argentine provinces after 1991. Unable to devalue or borrow freely, cash-strapped provincial governments began issuing bond-backed scrip that circulated alongside federal pesos at par. Río Negro's 1995–1996 emission was directly tied to provincial payroll obligations; teachers and public employees received these notes as salary when the treasury ran dry.
Casa de Moneda's involvement gave the notes a degree of physical credibility that cruder provincial emissions lacked, which helped maintain public acceptance longer than the province might otherwise have managed.