½ Real

The Banco de Londres y Río de La Plata was a British-owned institution operating in Argentina under a Buenos Aires charter, with its Rosario branch issuing its own distinct series. The ½ Real denomination is fractional in the most literal sense — real-denominated notes from Argentine private banks in this period were already anachronistic by 1872, as the peso fuerte had long been the dominant accounting unit. Issuing fractional reales suggests this was driven by acute small-change scarcity in the Rosario commercial market rather than any central monetary policy.

The PS prefix in the Pick reference confirms provincial or private bank status, and the high catalog number within that sequence reflects just how many competing emission houses operated across Argentina before the 1890 banking collapse rationalized the sector.