Argentina Banknotes: History, Notable Notes & Collecting Guide
Few countries have reinvented their money as often as Argentina. From the peso moneda nacional through the 1980s austral to today's peso, its banknotes carry a century of monetary history in one accessible, affordable collecting area.
Argentine peso (ARS) Austral era, 1985 to 1991 Five currencies, thirteen zeros San Martin & native fauna
Last updated: July 2026
Argentina's official currency is the peso, but its banknotes carry the memory of at least five different currencies, because the country rebuilt its money again and again across the 20th century. That turbulent history, spanning the peso moneda nacional, the peso ley, the peso argentino, the 1980s austral, and the modern peso, is exactly what makes Argentine notes so collectible: crisp, low-cost, and full of story. This hub walks through the currency history, the notes collectors prize, and how to start an Argentina collection from a source-first dealer.
What is the history of the Argentine peso and austral?
Argentina's money has been rebuilt from scratch several times, each reform triggered by inflation adding zeros faster than the mint could keep up. The peso moneda nacional circulated from 1881 until 1970, when the peso ley 18.188 replaced it at 100 to 1. In 1983 the peso argentino arrived, worth 10,000 pesos ley. Two years later, in June 1985, the government of President Raul Alfonsin launched the Plan Austral and introduced the austral, symbol ₳, set at 1,000 pesos argentinos. Finally, on January 1, 1992, the convertible peso replaced the austral at 10,000 to 1, and that peso is the currency Argentina uses today.
Stack those reforms together and the arithmetic is startling. Between 1970 and 1992 Argentina removed thirteen zeros from its currency: one modern peso equals ten trillion of the pesos moneda nacional that circulated before 1970. That is the same scale, a one followed by thirteen zeros, that makes hyperinflation notes so striking, except Argentina reached it across a chain of redenominations rather than on a single sheet of paper.
How bad was Argentina's hyperinflation?
The austral was meant to end inflation, and for a short time it did. But by the late 1980s prices were spiraling again, and in 1989 and 1990 Argentina fell into full hyperinflation. Argentina's 1989 to 1990 episode is one of those recorded in the Hanke-Krus World Hyperinflation Table (Cato Institute), the same reference that catalogues Zimbabwe, Hungary, and Venezuela, with monthly inflation running into the triple digits at its 1989 peak. It was one of several Latin American hyperinflations of that era, alongside Bolivia and Peru.
The crisis pushed Argentina toward the Convertibility Plan of 1991, which fixed the new peso one to one with the US dollar. That peg held through much of the 1990s before it collapsed in the 2001 to 2002 financial crisis. Renewed high inflation in the 2020s later pushed the central bank to issue new higher-denomination notes, including 2,000, 10,000, and 20,000 peso notes. For where Argentina's episode sits among the worst on record, see every hyperinflation ranked.
Which Argentine banknotes are most collectible?
Argentina rewards both the story collector and the type collector, because every currency era left behind its own family of notes. The table below maps the main eras and what collectors look for in each. It stays general on purpose: individual notes vary by series, signature, and condition, so treat this as a map rather than a price list.
| Currency era | Years in use | What collectors look for |
|---|---|---|
| Peso moneda nacional | to 1969 | The oldest paper in an Argentine collection, long-lived notes that often bear the liberator Jose de San Martin. |
| Peso ley 18.188 | 1970 to 1983 | The first modern redenomination, with historical-figure portraits and a clean, completable range of denominations. |
| Peso argentino | 1983 to 1985 | Short-lived and transitional, which makes a full set unusually easy to assemble. |
| Austral (₳) | 1985 to 1991 | The 1980s hyperinflation currency. High-denomination notes climbing into the hundreds of thousands are the era's signature collectible. |
| Convertible peso | 1992 to 2001 | Notes from the one-to-one dollar-peg era, a distinct chapter in Argentine monetary history. |
| Peso (current) | 2002 to present | The native-animals series and the higher denominations issued during the renewed inflation of the 2020s. |
A few notes stand out as conversation pieces. The liberator Jose de San Martin appears across generations of Argentine currency, making him one of the most recurring figures in world banknotes. In 2012 Argentina issued a 100-peso note featuring Eva Peron, widely reported as the first woman to appear on a circulating Argentine banknote. And the native-animals series of recent years put Argentine wildlife on the money: the jaguar, the Andean condor, the southern right whale, and the hornero, the national bird. For collectors drawn to the drama of runaway inflation, the high-denomination australs of the late 1980s remain the headline pieces.
How do you start collecting Argentina banknotes?
Start with one era that speaks to you, in the best condition you can find, from a dealer that documents where its notes come from. Because Argentina's redenominations retired each currency in turn, many older notes reached the market unspent, which is why crisp Uncirculated examples are more available than the age of the paper might suggest. Uncirculated (UNC) sits at the top of the letter-grade ladder that runs UNC, AU, XF, VF, F, VG, G.
Two habits protect your collection from the start. First, learn how grading works so you can read a note's condition with confidence: our banknote grading guide explains the 1 to 70 numerical scale used by PMG and PCGS and what EPQ and PPQ mean. Second, build with a plan rather than at random. Our guide to collecting world banknotes covers how to pick a theme, from a single-country run like Argentina to a cross-border hyperinflation set. If you want independent confirmation of grade and authenticity, choose a note certified by PMG or PCGS and sealed in a tamper-evident holder.
Where can you buy Argentina banknotes?
Buy from a source-first dealer that inspects every note and stands behind it in writing. Planet Banknote stocks Argentina notes rather than fixing a single market price, because inventory, series, and grades change. Rather than quote figures that would go stale, we point you to the live category:
Every note Planet Banknote sells passes our Planet Banknote Verified inspection and ships with a free Certificate of Authenticity, so you have documented recourse tied to a named, reachable business. Questions about ordering, shipping, or returns are answered on our FAQ page.
Frequently asked questions
What currency does Argentina use?
Argentina's official currency is the peso, first issued as the convertible peso on January 1, 1992. It replaced the austral at 10,000 to 1 and remains the country's currency today. Before it, Argentina used the austral, the peso argentino, the peso ley 18.188, and the peso moneda nacional, which is why an Argentine collection can span several different currencies within a single century.
What was the Argentine austral?
The austral, symbol ₳, was Argentina's currency from 1985 to 1991. It was introduced in June 1985 under President Raul Alfonsin's Plan Austral, replacing the peso argentino at 1,000 to 1 in an attempt to stop inflation. The plan worked only briefly, and by 1989 and 1990 the country was in hyperinflation, so high-denomination austral notes climbing into the hundreds of thousands are the era's signature collectible. The austral was replaced by the convertible peso in 1992.
Why has Argentina changed its currency so many times?
Repeated bouts of high inflation. Each time inflation added zeros faster than the mint could keep up, Argentina redenominated by lopping zeros off and renaming the currency. Between 1970 and 1992 the country did this four times, removing thirteen zeros in total, which means one modern peso equals ten trillion of the pesos moneda nacional that circulated before 1970.
Are old Argentine peso and austral notes worth collecting?
Yes, for their history and affordability. Because redenominations retired each currency, many older notes reached the market in crisp Uncirculated condition rather than worn from circulation, and they remain an accessible entry point for collectors. Value depends on condition, series, and demand rather than face value, since these notes are no longer legal tender. Buying from a source-first dealer and, where you want independent confirmation, choosing PMG or PCGS certified notes protects that value.
How bad was Argentina's hyperinflation?
Argentina's 1989 to 1990 hyperinflation is one of the episodes recorded in the Hanke-Krus World Hyperinflation Table (Cato Institute), with monthly inflation running into the triple digits at its 1989 peak. It was one of several Latin American hyperinflations of that era, alongside Bolivia and Peru. The austral lost value so quickly that the government replaced it with the convertible peso in 1992 and pegged the new peso one to one with the US dollar under the Convertibility Plan.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.