500 Pesos

The Caja de Conversión was not a bank but a conversion office — its sole mandate was to exchange gold for paper at a fixed rate, established under the 1899 Conversion Law after Argentina's catastrophic 1890 Baring Crisis had forced a suspension of convertibility for nearly a decade. These notes were, in theory, fully backed by gold reserves held in Buenos Aires.

Convertibility was suspended again in 1929 as gold fled the country following the global crash, and the Caja was dissolved in 1935 when the Banco Central de la República Argentina was established to replace it. Notes of this denomination would have seen limited day-to-day circulation given the purchasing power involved — 500 pesos was a substantial sum throughout this period.