Argentine Peso: Navigating Monetary History and Economic Dynamics
An academic exploration of Argentina's currency, detailing its historical iterations, denominations, and the economic factors influencing its value and stability.
Overview 👇 Explore History 📜Dive in with Flashcard Learning!
🎮 Play the Wiki2Web Clarity Challenge Game🎮
Introduction to the Peso Argentino
The Unit of Exchange
The Argentine peso, officially established as the peso convertible, is the contemporary currency of Argentina. It is identified within the nation by the symbol '$', mirroring the convention of other peso and dollar-denominated currencies. The currency is subdivided into 100 centavos, although due to significant inflation, smaller denominations are rarely issued or utilized in common transactions.
Standardization and Code
The international standard for the Argentine peso is defined by the ISO 4217 code, which is ARS. The numeric representation for this code is 032. This designation ensures global recognition and facilitates international financial transactions.
Historical Context and Inflation
Argentina's monetary history is marked by persistent and severe inflation, punctuated by periods of hyperinflation. Since the mid-20th century, currency revaluations have occurred periodically, with denominations being reduced at rates ranging from 100:1 to 10,000:1. The current peso, introduced in 1992 under the Convertibility Plan, replaced the Argentine austral. However, the peso has continued to experience substantial inflation, reaching critical levels in recent years, significantly impacting its purchasing power and stability.
A Chronicle of Argentine Currency
Early Monetary Systems
Prior to the establishment of a unified national currency, various forms of currency circulated, including the Spanish silver eight-real coin, often referred to as the 'peso'. Following independence, Argentina issued its own coinage in reales, soles, and escudos. The 'peso fuerte', a convertible currency introduced in 1826, was based on gold standards, while the 'peso moneda corriente' was a non-convertible paper currency that depreciated significantly over time. The 'peso moneda nacional' eventually replaced these earlier currencies in 1881.
Cycles of Revaluation
The period from 1881 to 1970 saw the 'peso moneda nacional' in circulation, initially convertible to gold. However, convertibility was intermittently maintained and eventually abandoned. Subsequent currency reforms included the 'peso ley' (1970-1983), the 'peso argentino' (1983-1985), and the 'austral' (1985-1991). Each transition was often necessitated by escalating inflation and a loss of public confidence in the existing currency.
The Peso Convertible Era
Introduced in 1992, the 'peso convertible' (ARS) was pegged at par with the U.S. dollar, a system intended to stabilize the economy. This convertibility was maintained until early 2002. Despite the initial success, subsequent economic crises led to the abandonment of the fixed exchange rate. The peso has since experienced significant devaluation against the U.S. dollar, with fluctuating official and parallel market rates becoming a defining characteristic of Argentina's recent economic landscape.
Denominations: Coins
Circulating Coinage
The initial series of circulating coins, introduced in 1992, included denominations of 1, 5, 10, 25, and 50 centavos, along with 1 peso coins introduced in 1994. Later, 2-peso coins were issued in 2010. A new series of coins, featuring native flora, was introduced starting in 2017 with denominations of $1, $2, $5, and $10. While older centavo coins remain legal tender, their negligible value due to inflation renders them practically obsolete.
Commemorative Issues
Argentina has a tradition of issuing commemorative coins to mark significant historical events, anniversaries, and national figures. These issues, often in higher denominations like 50 centavos, 1 peso, 2 pesos, and 5 pesos, celebrate milestones such as the 50th anniversary of UNICEF, the contributions of figures like Eva Perón and José de San Martín, and events like the Falklands War (Malvinas War). While collectible, their circulation value is often superseded by their numismatic significance.
Circulating Coins of the Argentine Peso (1st Series)
Circulating Coins of the Argentine Peso (2nd Series - Native Fauna)
| Value | Obverse | Reverse | Ref. |
|---|---|---|---|
| 1 peso | Jacaranda | Ceibo | |
| 2 pesos | Palo Borracho | ||
| 5 pesos | Arrayán | ||
| 10 pesos | Caldén |
Denominations: Banknotes
First Series (Convertibles, 1992)
The initial series of peso convertible banknotes, issued in 1992, featured denominations from $1 to $100. These notes bore the legend "Convertibles de curso legal," signifying their fixed value relative to the U.S. dollar. While the $1 note was replaced by a coin, many of these banknotes, particularly higher denominations, remain in circulation, though often bearing updated designs or security features.
Subsequent Series and Themes
Following the initial series, Argentina introduced new banknote designs incorporating various themes. The "Tenemos Patria" series (2013) featured historical figures, while the "Native Fauna of Argentina" series (2016) highlighted the country's diverse wildlife. More recent series, beginning in 2022, have returned to featuring prominent historical figures and national events, reflecting a blend of cultural heritage and national identity.
Banknotes of the Peso Convertible (Selected Series)
| Value | Main Color | Obverse | Reverse | Issue Period |
|---|---|---|---|---|
| $2 (Series F-M) |
Blue | Bartolomé Mitre | Museo Mitre | 1997-2018 |
| $5 (Series J) |
Green | José de San Martín | Cerro de la Gloria | 2015-2020 |
| $10 (Series N-Q) |
Brown | Manuel Belgrano | Monumento a la Bandera | 1998- (current) |
| $20 (Series G) |
Red | Juan Manuel de Rosas | Combate de la Vuelta de Obligado | 1999- (current) |
| $50 (Series I) |
Black | Domingo Faustino Sarmiento | Casa Rosada | 1999- (current) |
| $100 (Series Z-GA) |
Purple | Julio Argentino Roca | La Conquista del Desierto | 1999- (current) |
| $100 (Series AA-JA) |
Purple | Eva Perón | Ara Pacis detail | 2012- (current) |
| $1,000 | Orange | José de San Martín | Crossing of the Andes | May 2022 |
| $2,000 | Red/Gray | Cecilia Grierson / Ramón Carrillo | Malbrán Institute | May 2023 |
| $10,000 | Cyan | Manuel Belgrano / María Remedios del Valle | Argentine flag oath (1812) | May 2024 |
| $20,000 | Blue | Juan Bautista Alberdi | Alberdi's birthplace | Nov 2024 |
Exchange Rate Dynamics
Official vs. Parallel Markets
Argentina's currency management has been characterized by the implementation of exchange control measures, leading to the emergence of multiple exchange rates. The official rate, managed by the Central Bank, often diverges significantly from the parallel market rate (colloquially known as the "dólar blue"). This disparity reflects underlying economic pressures and influences capital flight and investment decisions.
Special Exchange Regimes
To stimulate specific economic sectors and manage foreign reserves, Argentina has periodically introduced special exchange rates. These include the "soybean dollar" and "corn dollar," offering preferential rates for agricultural exports. Additionally, a "foreign tourist dollar" rate was established to encourage tourism spending via foreign payment cards, aiming to bridge the gap between official and parallel market values.
The Central Bank's Role
Banco Central de la República Argentina
The Central Bank of the Argentine Republic (BCRA) is the primary institution responsible for monetary policy and currency issuance in Argentina. Its mandate includes maintaining price stability, managing foreign exchange reserves, and ensuring the smooth functioning of the financial system. The BCRA's actions, particularly concerning exchange rate policy and inflation control, are critical determinants of the peso's stability and value.
Teacher's Corner
Edit and Print this course in the Wiki2Web Teacher Studio

Click here to open the "Argentine Peso" Wiki2Web Studio curriculum kit
Use the free Wiki2web Studio to generate printable flashcards, worksheets, exams, and export your materials as a web page or an interactive game.
True or False?
Test Your Knowledge!
Gamer's Corner
Are you ready for the Wiki2Web Clarity Challenge?
Unlock the mystery image and prove your knowledge by earning trophies. This simple game is addictively fun and is a great way to learn!
Play now
References
References
- Argentina 1 centavo
- Argentina 5 centavos
- Argentina 10 centavos
- Argentina 25 centavos
- Argentina 50 centavos
- Argentina 1 peso
- Argentina 2 pesos
- Argentina 1 peso (from 2017)
- Argentina 2 pesos (from 2018)
- Argentina 5 pesos (from 2017)
- Argentina 10 pesos (from 2018)
- 50 centavos (50th anniversary of UNICEF)
- 1 peso (50th anniversary of UNICEF)
- 1 peso (The establishment of Mercosur)
- BCRA Billetes de 100 pesos "AA"
Feedback & Support
To report an issue with this page, or to find out ways to support the mission, please click here.
Academic Disclaimer
Important Notice Regarding Content
This document has been generated by an Artificial Intelligence, drawing upon publicly available data from Wikipedia. It is intended strictly for educational and informational purposes, reflecting an academic perspective on the Argentine Peso. While efforts have been made to ensure accuracy and comprehensiveness based on the provided source material, the content may not be entirely exhaustive, up-to-date, or free from interpretation.
This is not financial or economic advice. The information presented herein should not be construed as professional consultation regarding monetary policy, investment, or economic strategy. Readers are strongly advised to consult official sources, such as the Central Bank of Argentina, and seek guidance from qualified financial and economic professionals for any decisions related to personal or institutional finance.
The creators of this educational resource are not liable for any errors, omissions, or actions taken based on the information provided. Users engage with this content at their own discretion and risk.