100 Pesos

The Confederación Argentina was the rump state that governed the interior provinces after Buenos Aires seceded in 1852 following Urquiza's defeat of Rosas at Caseros. This note was issued by that government from Paraná, which served as the confederal capital — an unusual circumstance in which a provincial city, not a major port, became the seat of national financial authority. The confederation was chronically short of revenue, cut off from Buenos Aires customs receipts that had historically funded the Argentine state.

Printing at Paraná rather than abroad reflects both the political isolation of the confederation and the practical impossibility of commissioning notes from European security printers under those financial constraints. The series is scarce precisely because the confederation itself dissolved after the Battle of Pavón in 1861, when Buenos Aires absorbed the remaining provinces under Mitre.