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| 背面描述 | The reverse is dominated by a central oval vignette containing a cityscape view, surrounded by an ornate scrollwork border with floral and acanthus motifs in violet. The overall layout is framed by a multicolour guilloche border in orange and green, with a Corinthian column vignette at the left and a rosette at the lower right. Selected articles of Provincial Law No. 12,727 authorising the issue of these treasury titles are printed in full within the central panel. |
| 背面铭文 | 1 PESO LEY Nº 12.727 ARTÍCULO 1º: "Declárese en estado de emergencia administrativa, económica y financiera al Estado Provincial..." ARTÍCULO 7º: "Apruébase la emisión de Letras de Tesorería para Cancelación de Obligaciones, las que se denominarán 'Patacón'... Los títulos serán emitidos bajo las modalidades de los Artículos 742, 744 y 745 del Código de Comercio." ARTÍCULO 8º: "Las Letras de Tesorería para Cancelación de Obligaciones pagarán el ciento siete por ciento (107%) de su valor nominal el 25 de julio de 2002... Las Letras de Tesorería serán nominadas en pesos..." ARTÍCULO 11º: "El pago efectuado al acreedor mediante Patacones o Bonos de Cancelación de Obligaciones, importará la extinción irrevocable de los créditos por los que se efectúe la entrega." CICCONE (Translation: Text of the law enacting the printing of these treasury titles, including declaration of provincial financial emergency, authorisation of the Patacón issue, and terms of redemption at 107% of face value on 25 July 2002.) |
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Buenos Aires province issued this note in 2001 as Argentina's convertibility regime cracked under sovereign debt pressure. Provincial "quasi-currencies" — formally called Letras de Tesorería para Cancelación de Obligaciones, or LECOPs at the national level, though each province had its own instrument — emerged because the federal government had locked the peso to the dollar and provinces couldn't print federal money. Buenos Aires called theirs "Patacones." This is one of those.
Ciccone Calcográfica, the dominant Argentine security printer, produced the series out of its Don Torcuato facility. The convertibility peg collapsed in January 2002; most provinces withdrew their quasi-currencies within eighteen months, redeeming them at par for newly devalued pesos.