500 000 Australes

The 500,000 australes note was not a planned denomination — it was a symptom. Argentina's austral, introduced in 1985 as a deliberate break from the inflationary peso, itself collapsed under hyperinflation that peaked at roughly 3,000% in 1989. By the time this note circulated, the largest denomination in the series had become insufficient for ordinary transactions within months of printing.

The austral was retired entirely in 1992, replaced by the convertible peso at a rate of 10,000 australes to one peso — meaning this note was worth five centavos at conversion.