It might be assumed that Argentina, with a large paper money economy, would manufacture its own currency. This is true to a point. Almost all central government issues have been printed in Argentina, but not a piece produced by the government itself. All paper production was contracted out to different sources, which gave rise to variations in watermarks. Watermarked notes commenced with the famous Progreso motif, i.e., seated Liberty with torch in left hand, issued under the law of 20-9-1897.

Statistics on remaining banknote paper:

1908-1925 supplier P. Miliani of Italy; wmk denom. heavy script.

1924/5-1932 supplier Portals, G.B., wmk denom. fine script

1932-1935 supplier Portals, G.B., wmk denom. Gothic script and "RA" replaced with young head of San Martin on denominations of 10-1000 Pesos.
 

The Banco Cental of Argentina was established in 1935; the format and size of notes did not change. All paper was then supplied by Portals with one exception, in early 1943, the 50 centavo was printed on paper supplied by Gubierno National Argentino, paper of the national govenment. In late 1943, the paper was changed to contain a watermark of 4 "RA"s and was issued for subsequent issues of 50 centavo notes.

In 1943 a new design of notes was released with a portrait of San Martin to the right, and as watermark a bust of Belgrano on the left.
 

Manufacturers of watermarked paper 1943-1969

1. Portals, England 10P - 10,000P

2. Portals, England 5P - 10P

3. Arjomari, France 10P - 10,000P excluding 5,000P

4. E. Magnani, Italy 10P - 50P
 

In the mid-1950s the San Martin series underwent three changes: (1) Each denomination was given its own characteristic form of numeration; (2) Replacement notes were introduced, indicated by a letter "R" prefix in the serial number; (3) The denomination was added to the watermark, expressed as a Roman numeral, found in the lower right corner.

With the issuance of 5M and 10M notes in 1961/2, two additional security features were added to those denominations; the denomination was spelled out in the watermark with a V or X placed in the lower right corner, and a black security thread was placed in the note (not to be confused with colored fibers found in some notes). These are the only two occurrences of security threads in Argentine banknotes.

In 1970/1, notes of Ley 18,188 converting 100 old Pesos to 1 new Peso were released. This is a less involved series with regard to watermarks, as there are only two suppliers of paper, each distinguished by its watermark. First is the coat of arms with small leaves in the wreath that are poorly defined and thin arms supporting the torch; and second is a coat of arms with large, well defined leaves and heavier arms supporting the torch. Towards the end of the period of Ley 18,188 banknotes a new watermark was introduced, the sunface with rays, which has been in use from 1980 to 1997. This watermark comes in to varieties, white paper with sharp design, and off-white paper with less defined design.
 

Pesos Argentinos, when issued in 1983-85, were equal to 10,000 Let 18,188 Pesos. Banknotes of 1 to 500 P.A. were printed on both varieties of sunface paper. A young head of San Martin for early 10,000 and 1,000 and all 5,000 P.A. notes was utilized. Later issues of 1,000 and 10,000 P.A. were printed on sunface paper which also included some Austral overprints.

Pesos Argentinos were converted into Australes at a rate of 1,000 P.A. to 1 Austral. When Australes were released in 1985, they were valued at US$1.25, and at the demise in 1991, 10,000 Australes equaled US$1.00. Denominations of 1 to 100 Australes have the sunface watermark; values of 500, 1,000, 5,000, and 10,000 Australes started with a Liberty head watermark for the entire series. Provisional issues of 10,000, 50,000 and 500,000 have the sunburst watermark.

Pesos convertibles, released in 1992, were equal to 10,000 Australes and also redeemable in U.S. dollars on a one-to-one basis.

Series of 1992

1,2 and 5 Pesos

sunface

10, 20 Pesos

Liberty head

50, 100 Pesos

bust of depicted statesman

Series of 1997

2 to 100 Pesos

bust of depicted statesman

To the present time, Pesos convertibles have retained their value and are readily exchanged for U.S. dollars one for one.

The collecting of modern banknotes is an active hobby in Argentina. Several good catalogs are available to assist the collector. Banknotes in Agentina are collected by year of emission, signatures of bank officials, replacement notes, the presence or absence of colored fibers in the paper, and major watermarks.

Bibliography:

1. El papel moneda Argentino en el Siglo XX, 1899-1969, L.A. Baragan Guerra, L. Seghizzi

2. Papel moneda de la Republica Argentina, 1880-1980, Ubaldo M. Guevara

3. Billets Argentinos, Emision ley 18,188, 1970-1983, Carlos Valiante

4. Catalogo de Pesos Argentinos, 1983-1985, Hassel

5. Billetes Argentinos, Australes 1985-1991, Felipe Victor Ortiz