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| 正面铭文 | PROVINCIA DEL CHACO CERTIFICADOS DE CANCELACION DE OBLIGACIONES DE LA PROVINCIA DEL CHACO "QUEBRACHO" AL PORTADOR LEY N° 4951/01 - DECRETO N° 1690/01 FECHA DE EMISION: 12 DE OCTUBRE DE 2001 TASA DE INTERES: 8% ANUAL FECHA DE VENCIMIENTO INTERES 1° CUOTA: 12 DE OCTUBRE DE 2002 FECHA DE VENCIMIENTO CAPITAL E INTERES 2° CUOTA: 12 DE ABRIL DE 2003 DIEZ PESOS TESORERO GENERAL MINISTRO DE ECONOMIA OBRAS Y SERVICIOS PUBLICOS MANUEL OBLIGADO CASA DE MONEDA |
| 背面描述 | The reverse is printed in salmon-pink tones and carries a dense block of legal text in Spanish across the central field, setting out the regulatory framework for the Quebracho certificates under Ley N° 4951/01 and Decreto N° 1690/01. The articles cited (4, 6, 8, and 10) authorise the provincial executive to issue the certificates, define their form and security requirements, and establish parity with the Peso Convertible de Curso Legal. A decorative guilloche border runs along both vertical edges, and the denomination '10 PESOS' is printed at upper right and lower left. The closing line reads 'Resistencia, 3 de Octubre de 2001'. |
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The Chaco provincial bond notes of 2001 were among the most visible symptoms of Argentina's fiscal disintegration in the months before the December collapse. With the national government enforcing convertibility and restricting provincial access to federal funds, Chaco — one of the poorest provinces — resorted to issuing its own quasi-currency to meet payroll obligations. These circulated alongside similar instruments from a dozen other provinces, collectively flooding the economy with billions in unbacked paper that ordinary residents had little choice but to accept.
Casa de Moneda's involvement gave the series a degree of physical credibility that some provincial issues lacked. The paper held up; the fiscal arrangement behind it did not.