1 Peso ARG Banknote (Various Bank Issues) 2002

1 Peso Peso (Issued 2002)

The Patacón, as this emergency treasury note was officially named under Ley Nº 12,727, stands as one of the most striking financial artefacts of Argentina’s catastrophic 2001–2002 economic crisis, when provincial governments were forced to issue their own quasi-currencies to meet obligations the national peso could no longer cover. Issued by the Provincia de Buenos Aires, this note circulated alongside federal currency as a de facto substitute, accepted for taxes and public transactions across the province. The name “Patacón” itself was drawn from an old colonial silver coin, evoking a sense of monetary legitimacy during a period of profound institutional instability. For the millions of Buenos Aires residents who received wages and settled debts in these notes, the Patacón became an everyday symbol of both resilience and crisis.

On the front, the note is dominated by a formal engraved portrait to the right of centre depicting Dardo Rocha, the founder of the city of La Plata and a former Governor of the Province of Buenos Aires, identified by name in small capitalised text directly beneath his image. Rocha is rendered in a detailed intaglio style, showing an elderly gentleman with a full white beard and moustache, wearing a dark formal jacket, his gaze directed slightly to the viewer’s right. The overall colour scheme of the front is a muted reddish-purple to violet tone, printed on cream paper stock. In the upper portion, the issuing authority is clearly stated in bold serif capitals: “PROVINCIA DE BUENOS AIRES,” beneath which appears the legend “LETRA DE TESORERIA PARA CANCELACION DE OBLIGACIONES” followed by “(PATACON)” in parentheses, confirming the official designation of the instrument. To the upper left, a serial number “A 19894153” is printed in dark ink, and the same serial number is repeated to the right. The denomination “1” appears prominently in the upper right corner within a rectangular brown guilloche panel, while the words “UN PESO” and “VALOR NOMINAL” are displayed in larger bold typeface across the lower centre of the note. The legal authority for the issue is cited as “LEY Nº 12.727” in small print near the centre. Two facsimile signatures appear in the lower central zone, attributed to Víctor E. Pereira, Contador General de la Provincia de Buenos Aires, and Aníbal Zufriategui, Tesorero General de la Provincia de Buenos Aires. To the lower left, the Argentine provincial coat of arms is printed in the same violet ink, showing the stylised oval seal of Buenos Aires Province. The text “AL PORTADOR” — meaning payable to the bearer — appears in smaller print, reinforcing the note’s function as a negotiable instrument. A column of small punched holes is visible along the left side, consistent with cancellation or control marking typical of treasury instruments. Guilloche rosette patterns and fine geometric background printing are visible across the surface, adding a degree of security to what was fundamentally an emergency fiscal document.

The reverse is printed predominantly in pale lilac and cream tones, with the denomination numeral “1” and the word “PESO” appearing boldly in the upper right corner in the same typographic style as the front. The left side of the reverse features an engraved decorative column with an ornate Corinthian-style capital, rendered in fine intaglio line work. To the lower left, a circular rosette pattern in coral-red is visible, providing a secondary colour element against the otherwise monochromatic field. The central portion of the reverse is occupied by densely printed legal text in small serif type, organised under the heading “LEY Nº 12.727” and structured as numbered articles. These articles declare an administrative, economic, and financial emergency for the provincial state, authorise the emission of the Patacón treasury letters, specify their nominal value, and detail conditions for payment and redemption, including a reference to Article 742, 744, and 745 of the Código de Comercio. One article confirms that the Letras de Tesorería will pay one hundred and seven per cent of their nominal value by 23 July 2002, and that these notes will be denominated in pesos. A further article addresses the legal effect of payment via Patacones or Letras de Cancelación de Obligaciones. Faint guilloche background patterning is visible beneath the text, and a decorative floral or vine border runs along the upper and right margins. The overall printing is offset lithography of moderate quality, consistent with the urgency of the note’s production context.

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