500 Pesos

El Estado de Buenos Ayres existed as a politically separate entity from the Argentine Confederation between 1852 and 1861, following Justo José de Urquiza's defeat of Rosas at Caseros. This note was issued during that secessionist interlude, when Buenos Aires operated its own treasury, its own customs revenues, and its own paper currency entirely independent of the Confederation's financial apparatus.

The PS prefix in Pick's Standard Catalog denotes provisional or state-level status — a reminder that this note's legal standing was contested almost from the moment of issue. Reunification in 1861 rendered the Estado's paper obsolete, and redemption was uneven at best.