500 Pesos

The Confederación Argentina was the rump state that controlled the interior provinces after Buenos Aires seceded in 1852 following Urquiza's defeat of Rosas at Caseros. Paraná served as the Confederation's capital, and notes printed there were the financial instruments of a government perpetually short of revenue, fighting a losing economic war against the commercially dominant Buenos Aires province. This 500 Pesos denomination was the high end of an emission backed by little more than political determination.

Local printing in Paraná, rather than contracting a European security printer, was a fiscal and logistical necessity. The quality reflects it. The Confederation itself ceased to exist after Buenos Aires defeated Urquiza at Pavón in September 1861, making the entire PS#206 series effectively worthless within two years of issue.