20 Pesos

Córdoba province issued its own quasi-currency during the deep fiscal crises that repeatedly strained Argentina's federal transfer system in the 1990s. These provincial bonds — circulating as de facto banknotes — were a direct consequence of Buenos Aires cutting or delaying co-participation funds to the provinces, forcing Córdoba to pay wages and suppliers in paper it printed itself.

The PS prefix in the Pick catalogue places this squarely in the state and provincial issues volume. Worth noting: Argentine provincial scrip from this period varied enormously in redemption reliability, and Córdoba's 1990s emissions had a better track record than several neighboring provinces whose equivalent paper became essentially worthless before formal withdrawal.