500 000 Pesos

The 500,000 peso denomination existed because Argentina's inflation during this period made it necessary — by 1982, annual inflation was running above 200%, and the peso moneda nacional had already been replaced by the peso ley in 1970 (at 100:1), which was itself being replaced by the peso argentino in 1983 (at 10,000:1). This note belongs to the peso ley series in its terminal phase, when denominations that would have been unthinkable a decade earlier were routine.

Casa de Moneda's output during this period was under pressure, and the watermark is the sole mechanical security feature — modest for a note of this face value.