100 Pesos

Argentina's Caja de Conversión was established by the Conversion Law of 1899 specifically to stabilize the peso after the catastrophic monetary crises of the 1890s — the office's sole function was maintaining convertibility between paper pesos and gold at a fixed rate of 2.27 paper pesos per gold peso. Notes issued under this authority were backed by gold reserves held in the Caja itself, a meaningful structural departure from the unbacked emissions that had fueled the earlier collapses.

The American Bank Note Company printed this series at their Manhattan facility, as they did for a substantial portion of Latin American government paper during this period. The P#239A designation distinguishes an early signature or date variety within the 1903–1906 run.