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| Currencies of Argentina | |
|---|---|
| Name | Argentine currencies |
| Introduced | Pre-Columbian–present |
| Using countries | Argentina |
| Iso code | ARS (current) |
Currencies of Argentina
Argentina's monetary history spans colonial Viceroyalty of the Río de la Plata, United Provinces of the Río de la Plata, and modern Argentine Republic stages marked by episodes that affected Buenos Aires, Córdoba, Rosario, Mendoza, and Bahía Blanca. Monetary change influenced leaders and institutions such as Juan Manuel de Rosas, Domingo Faustino Sarmiento, Juan Perón, Carlos Menem, and Alberto Fernández, and intersected with international actors like the International Monetary Fund, World Bank, Bank for International Settlements, and United Nations agencies.
Early currency in colonial Viceroyalty of the Río de la Plata used Spanish reales and escudos circulated alongside silver from Potosí and gold from Santiago del Estero. During the independence era linked to Manuel Belgrano and José de San Martín, the United Provinces of the Río de la Plata issued paper money including rials and pesos to finance the War of Independence. The 19th century saw provincial coinage in Buenos Aires Province, Santa Fe Province, Corrientes Province, and Salta Province, with monetary disputes involving Juan Manuel de Rosas and federalists versus unitarians such as Bartolomé Mitre. The late 19th-century gold standard era under leaders like Domingo F. Sarmiento and finance ministers referencing British models linked Argentine currency to sterling and the Bank of England. The 20th century included the Infamous Decade, Peronism, industrialization policies under Hipólito Yrigoyen, and the creation of modern central banking institutions such as the Central Bank of the Argentine Republic during the presidencies of Ramón Castillo and later reforms under Juan Perón. The 1980s hyperinflation crisis involved presidents Raúl Alfonsín and Carlos Menem and plans like the Austral Plan and Convertibility Plan which tied the currency to the United States dollar in the 1990s. 21st-century policies by administrations of Néstor Kirchner, Cristina Fernández de Kirchner, Mauricio Macri, and Alberto Fernández interacted with international creditors, sovereign debt restructurings, and institutions including the International Monetary Fund.
Argentine units historically include colonial Spanish dollar (piece of eight), provincial issues, and national units: Argentine peso moneda corriente, Argentine peso moneda nacional, Argentine peso ley 18188, Argentine austral, and current Argentine peso (ARS). Denominations ranged from copper centavos and reales to silver pesos, gold escudos, banknotes of 1, 5, 10, 50, 100, 500, 1000 and commemorative series tied to events like the World Cup and national anniversaries celebrating figures such as José de San Martín, Mariano Moreno, Manuel Belgrano, Eva Perón, and Domingo Sarmiento. Provincial tokens and emergency money (letras, bonos, cuasimonedas) appeared in crises connected to municipalities like La Plata and provinces such as Neuquén and Jujuy.
Major reforms include the 1970s peso ley conversion, the 1985 introduction of the austral under Economy Minister Martín Lousteau—note: Martín Lousteau served later; primary architects included Juan Vital Sourrouille—and the 1991 Convertibility Plan implemented by Domingo Cavallo establishing one-to-one parity between peso and United States dollar. The 2002 abandonment of convertibility occurred under interim president Eduardo Duhalde after the Argentine great depression (1998–2002), leading to devaluation and multiple exchange regimes. Renominations reset values in 1983, 1985, 1992, and subsequent fiscal measures under presidents Carlos Menem, Néstor Kirchner, and Cristina Fernández de Kirchner addressed sovereign default episodes and debt restructurings with creditors including Goldman Sachs and bondholder committees.
Exchange behavior included the gold standard linkage to United Kingdom finance in the 19th century, multiple exchange controls during the Infamous Decade, and the 1990s peg to United States dollar via Convertibility Plan. Hyperinflation of the late 1980s under Raúl Alfonsín peaked before the Austral Plan; inflation surged again in 2001–2002 during the Argentine great depression (1998–2002). Chronic inflation recurred in the 2010s and 2020s involving capital controls, dual exchange rates, and parallel markets in Buenos Aires's Calle Florida and black market operations tied to actors such as importers, exporters, and banks regulated by the Central Bank of the Argentine Republic. Episodes of currency board, crawling peg, and floating regimes were influenced by policy makers like Domingo Cavallo, Roberto Lavagna, Nicolás Dujovne, and Martín Guzmán.
Designs featured cultural icons: portraits of José de San Martín, Manuel Belgrano, María Eva Duarte de Perón, ecosystems like Iguazú Falls, and historical sites such as Casa Rosada and Teatro Colón. Security features evolved with technologies from watermarks and metallic threads to holograms, microprinting, and polymer substrates developed with printers and security firms connected to international standards from International Organization for Standardization pilots and minting partners like the Royal Mint and private contractors. Commemorative series honored events including the 1978 FIFA World Cup in Argentina, anniversaries of May Revolution, and scientific milestones tied to institutions like the National University of La Plata and CONICET.
Monetary authority rests with the Central Bank of the Argentine Republic under statutes passed in the Argentine Constitution and financial laws enacted by the National Congress of Argentina, influenced by ministries such as the Ministry of Economy (Argentina). Legal instruments include currency issuance decrees, foreign exchange regulations, and fiscal statutes enforced by tribunals like the Supreme Court of Argentina. Regulatory interactions involved domestic banks such as Banco de la Nación Argentina, Banco Galicia, Banco Macro, and international creditors, with supervision linked to anti-money laundering frameworks aligned with Financial Action Task Force recommendations.
Currency cycles affected sectors: agriculture (soy, wheat) tied to export markets in China, Brazil, and United States, industry hubs in Rosario and Greater Buenos Aires, and social indicators like poverty rates monitored by institutions such as INDEC and NGOs including CIPPEC. Monetary instability shaped electoral politics involving parties like the Justicialist Party, Radical Civic Union, and coalitions such as Frente de Todos and Juntos por el Cambio, influencing labor unions like the General Confederation of Labour (Argentina) and social movements that staged protests in plazas such as Plaza de Mayo. Currency crises prompted capital flight, dollarization debates, and reforms affecting pension funds managed by entities like ANSES and private administrators (AFJP legacy) amid international litigation with creditors in forums like International Centre for Settlement of Investment Disputes.