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10 Pesos
| Issuer | Provincia de Corrientes |
|---|---|
| Year | 2000-2001 |
| Type | Log in to see details |
| Value | 10 Pesos (10 ARS) |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | PROVINCIA DE CORRIENTES CERTIFICADOS DE CANCELACION DE OBLIGACIONES DE LA PROVINCIA DE CORRIENTES CECACOR DECRETO - LEY N° 1/99 AL PORTADOR SERIE A FECHA DE EMISION: 17/01/2000 AMORTIZACION DE CAPITAL E INTERESES VENCIMIENTO: 17/11/2000 MINISTRO DE HACIENDA Y FINANZAS INTERVENTOR FEDERAL DE LA PROVINCIA DE CORRIENTES DIEZ PESOS (Translation: PROVINCE OF CORRIENTES / CERTIFICATES OF CANCELLATION OF OBLIGATIONS OF THE PROVINCE OF CORRIENTES / CECACOR / DECREE - LAW No. 1/99 / TO THE BEARER / SERIES A / ISSUE DATE: 17/01/2000 / AMORTIZATION OF CAPITAL AND INTEREST MATURITY: 17/11/2000 / MINISTER OF FINANCE / FEDERAL INTERVENTOR OF THE PROVINCE OF CORRIENTES / TEN PESOS) |
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| Reverse lettering | CERTIFICADOS DE CANCELACION DE OBLIGACIONES DE LA PROVINCIA DE CORRIENTES (CECACOR) DECRETO - LEY N° 1 Artículo 28°.- Autorízase al Poder Ejecutivo a emitir certificados de cancelación de obligaciones hasta la suma total de pesos CUATROCIENTOS MILLONES ($400.000.000,-). Artículo 29°.- Los CECACOR se emitirán en dos (2) series, a saber: a) SERIE "A": hasta la suma de PESOS CIENTO CINCUENTA MILLONES ($150.000.000,-), con vencimiento a los DIEZ (10) meses de la fecha de emisión y devengará un interés anual del siete por ciento (7%). El pago del interés se efectuará conjuntamente con el capital al vencimiento del plazo señalado. Artículo 31°.- El pago efectuado al acreedor mediante los CECACOR, importará la extinción irrevocable. Artículo 32°.- El Poder Ejecutivo podrá rescatar anticipadamente la totalidad o parte de los CECACOR que se encuentren en circulación. La reglamentación establecerá el procedimiento de rescate. En ningún caso el rescate anticipado podrá efectuarse sobre la par. Artículo 34°.- Los CECACOR podrán ser utilizados por sus tenedores para la cancelación de obligaciones, cualquiera fuere su naturaleza, con el Estado Provincial, Entidades Autárquicas y Empresas. CORRIENTES, 29 DE DICIEMBRE DE 1999 (Translation: CERTIFICATES OF CANCELLATION OF OBLIGATIONS OF THE PROVINCE OF CORRIENTES (CECACOR) / DECREE - LAW No. 1 / Article 28: The Executive Power is authorized to issue cancellation certificates up to a total of FOUR HUNDRED MILLION PESOS ($400,000,000). / Article 29: CECACOR shall be issued in two series... / Article 31: Payment made to the creditor through CECACOR constitutes irrevocable extinction. / Article 32: The Executive Power may redeem all or part of outstanding CECACOR early... / Article 34: CECACOR may be used by holders to cancel obligations of any nature with the Provincial State, Autarchic Entities and Enterprises. / CORRIENTES, 29 DECEMBER 1999) |
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| Comments |
Corrientes issued its own quasi-currency between 2000 and 2001 as the province hemorrhaged cash during Argentina's deepening fiscal crisis. These notes — technically "Letras de Cancelación de Deuda" — were emergency instruments used to pay provincial employees and suppliers when transfers from Buenos Aires dried up. Similar instruments appeared across more than a dozen Argentine provinces during the same period, collectively known as cuasimonedas, but Corrientes was among the earliest and most aggressive issuers.
Casa de Moneda printed them, which gave the series a legitimacy the market only half-believed. When the federal convertibility system collapsed in late 2001, most provincial cuasimonedas were eventually redeemed at par — Corrientes among them.