Argentina Currency Overview: History, Exchange, and Conversion

Argentina's currency, the peso, has a rich history dating back to 1991 when it replaced the austral as the country's official currency.

The Argentine peso is divided into 100 centavos, but since 1992, coins and banknotes have been issued in denominations of 1, 2, 5, 10, 20, 50, and 100 pesos.

You can exchange your money for Argentine pesos at currency exchange offices, banks, or even some hotels, but be aware that exchange rates can vary significantly depending on the location.

The Argentine peso is the official currency of Argentina and is widely accepted throughout the country, making it easy to navigate everyday transactions.

Argentina has a long and complex history with its currency, with various iterations and reforms occurring over the years. The country's relationship with the peso dates back to its time under Spanish rule.

The peso was first introduced in 1826, with the peso fuerte being convertible to gold and the moneda corriente being non-convertible. In 1881, the peso moneda nacional was established as the country's monetary unit, replacing the previous two currencies. This coin was initially minted with silver but was discontinued following an economic crisis in 1890.

The 20th century saw a series of new and failed Argentine currencies, including the peso ley, which replaced the moneda nacional in 1970, and the Argentine peso, which was introduced in 1983 and replaced the peso ley at an exchange rate of 1 ARP per 10,000 peso ley. The ARP was divided into 100 subunits called centavos and had coins in denominations of 1, 5, 10, and 50 pesos.

Here's a brief timeline of some of the key events in Argentina's currency history:

The peso convertible was introduced in 1992 and was pegged to the US dollar, but this system was abandoned in 2002 following a financial crisis. The peso has since experienced a series of devaluations and reforms, including a 365% devaluation against the US dollar in 2002. Today, the Argentine peso continues to face economic challenges, with a 39.8% annual inflation rate and a negative 9.9% gross domestic product (GDP) as of 2020.

The peso moneda corriente was the everyday currency in Argentina from 1826 to 1881, starting at par with the peso fuerte but depreciating over time.

In 1854, the Argentine Confederation issued coins worth 1, 2, and 4 centavos, with 100 centavos equal to 1 peso. This was before Argentina decimalized its currency in 1881.

The peso moneda nacional replaced the earlier currencies in 1881 at a rate of 1 peso moneda nacional = 8 reales = 1 peso fuerte = 25 peso moneda corriente.

Before 1826, the peso was a name often used for the silver Spanish eight-real coin. This coin circulated widely in Argentina and neighboring countries.

The peso was used in various forms, including coins denominated in reales, soles, and escudos, including silver eight-real coins still known as pesos. These coins continued to circulate until 1881.

In Argentina, the peso was used alongside other coins, and the country began issuing its own coins after independence.

The peso ley was the currency used in Argentina from 1970 to 1983. It was officially called the peso ley 18.188 and was denoted by the ISO 4217 code ARL.

The peso ley replaced the previous currency, the peso moneda nacional, at a rate of 1 peso ley to 100 pesos moneda nacional. This change was significant for those who had to adjust to the new currency.

The peso ley was the official currency for 13 years, from 1970 to 1983.

In 1983, the peso argentino replaced the previous currency at a rate of 1 peso argentino to 10,000 pesos ley.

This change was made just before the return of democracy on June 1, 1983. It was a significant shift, but unfortunately, it didn't last long.

The peso argentino rapidly lost its purchasing power, and it was devalued several times.

The peso convertible was introduced in 1992, replacing the austral at a rate of 1 peso = 10,000 australes.

This new currency was pegged to the US dollar, with a fixed exchange rate of 1 peso to 1 US dollar, and for every peso circulating, there was a US dollar in the Central Bank's foreign currency reserves.

The peso convertible was equivalent to 10 trillion pesos moneda nacional of 1970.

The fixed exchange rate system was abandoned in January 2002, after the financial crisis of 2001, and the exchange rate fluctuated, peaking at four pesos to one dollar in 2002.

Here is a list of the official exchange rates over the years:

Since 1992, the Argentine peso has undergone significant changes. In 1992, a new peso was introduced, referred to as peso convertible, with a fixed exchange rate of 1 peso to 1 U.S. dollar.

The peso convertible replaced the austral at a rate of 1 peso to 10,000 australes. This change was a major overhaul of the currency system, and it's interesting to note how far the peso convertible has come since then.

One peso convertible of 1992 was equivalent to 10 trillion pesos moneda nacional of 1970, giving you an idea of just how much the currency has changed over time. I've seen similar changes in other countries, where the currency is revalued or re-denominated to make it more manageable.

In 2002, the fixed exchange rate system was abandoned, and the exchange rate began to fluctuate. This led to a peak of four pesos to one dollar, a 75% devaluation of the peso.

The exchange rate has continued to fluctuate over the years, with the administration trying to keep it at a certain level to maintain competitiveness and encourage local industries. However, the rate has gradually worsened, with one U.S. dollar quoted at 131.22 pesos at the official rate and 298 pesos in unregulated markets by July 2022.

Here's a brief summary of the exchange rates over the years:

The second series of Argentine currency, introduced in 1997, marked a significant change in the country's banking system. This series was part of the Nuevo diseño (New design) initiative.

The 2-peso banknotes were withdrawn from circulation on April 30, 2018, being replaced by coins of the same denomination. This change was part of a broader effort to update the country's currency.

Here's a breakdown of the second series banknotes:

These banknotes have been in use for many years, with some still circulating today.

The banknotes of the peso convertible have been in circulation since 1992. Each denomination has its unique features, including color, description, and issue dates.

The $2 banknote, for example, features a blue color and a replica of a handwritten manuscript of Historia de Belgrano y de la Independencia Argentina. It was issued from November 26, 1997, to April 30, 2018.

The $5 banknote has a green color and features José de San Martín. There are actually two versions of the $5 banknote, one issued from June 22, 1998, to February 29, 2020, and another from October 1, 2015, to February 29, 2020.

The $10 banknote features Manuel Belgrano, with a brown color and a replica of an 1812 report by him to the government of the United Provinces of the Río de la Plata. There are also two versions of the $10 banknote, one issued on January 14, 1999, and another on April 4, 2016.

The $20 banknote has a red color and features Juan Manuel de Rosas. It was issued on January 18, 2000.

Here's a breakdown of the denominations and their features:

The $50 banknote features a black color and Domingo Faustino Sarmiento. There are actually two versions of the $50 banknote, one issued on July 19, 1999, and another on March 2, 2015.

The $100 banknote has a violet color and features Julio Argentino Roca, with two versions issued on December 3, 1999, and September 20, 2012.

Commemorative coins and banknotes are a significant part of Argentina's currency history. These special coins and bills are issued to commemorate important events, people, and anniversaries in Argentina's rich history.

The first commemorative coins were issued in 1994 to celebrate the National Constitutional Convention. These coins were 2 and 5-peso nickel coins featuring the National Constitution on the obverse and the Argentine coats of arms on the reverse.

In 1996, a 50-centavo coin was issued to commemorate the 50th anniversary of UNICEF, featuring the UNICEF logo on the obverse and a girl holding a doll on the reverse. The same year, a 1-peso coin was also issued to celebrate this milestone, featuring the same design.

Commemorative coins have also honored notable figures such as Eva Perón and José de San Martín. In 1997, a 50-centavo coin was issued to commemorate the 50th anniversary of the death of Eva Perón and the attainment of voting rights by women, featuring Eva Duarte on the reverse. In 2001, a 1-peso coin was issued to honor the death of José de San Martín, featuring his portrait on the reverse.

The country has also issued commemorative banknotes to celebrate important events and anniversaries. For example, in 1997, a $2 banknote was issued to commemorate the 150th anniversary of the birth of Bartolomé Mitre, featuring his portrait on the obverse and a replica of a handwritten manuscript on the reverse.

Here are some notable commemorative coins and banknotes issued in Argentina:

These commemorative coins and banknotes are a unique aspect of Argentina's currency and provide a glimpse into the country's rich history and cultural heritage.