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20 Pesos
| Issuer | Provincia de Buenos Aires |
|---|---|
| Year | 2001-2002 |
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| Reference(s) | P#S2314 |
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| Reverse description | The reverse is dominated by the printed text of Law No. 12.774 and Resolution No. 300/01 of the Minister of Economy of the Province of Buenos Aires, set within an ornate cartouche with decorative scroll borders. A classical column vignette appears at left, and the denomination "20 PESOS" is printed in red at upper left and right, with a stylized shield watermark-like element at lower right. The printer's imprint "CICCONE" appears at lower left. |
| Reverse lettering | ARTICULO 14º: `Apruébase la emisión de Letras de Tesorería para Cancelación de Obligaciones denominadas `Patacón 2`.... que podrán emitirse en una o varias series, tendrán vencimiento en un plazo máximo de CINCO (5) años contados desde la fecha de su emisión y serán rescatados a un valor equivalente al 135% de su valor nominal... serán emitidas bajo las modalidades de los Artículos 742, 744 y 745 del Código de Comercio...` ARTICULO 15º: `Las disposiciones previstas para el Patacón... serán aplicables al Patacón 2. En particular, los tenedores del `Patacón 2` podrán aplicarlos, a su valor nominal, al pago de obligaciones con la Provincia de Buenos Aires...` RESOLUCION DEL MINISTRO DE ECONOMIA DE LA PROVINCIA DE BUENOS AIRES Nº 300/01 ARTICULO 1º: `Autorízase a la Tesoria General de la Provincia... a ordenar la emisión de Letras de Tesoreria para Cancelación de Obligaciones, denominadas `Patacón 2`... cuya fecha de vencimiento será el 13 de Noviembre de 2006...` (Translation: ARTICLE 14: `Approve the issuance of Treasury Bills for the Cancellation of Obligations called `Patacón 2`... which may be issued in one or more series, will expire in a maximum term of FIVE (5) years from the date of their issuance and will be redeemed at a value equivalent to 135% of their nominal value... they will be issued under the terms of Articles 742, 744 and 745 of the Commercial Code...` ARTICLE 15: `The provisions provided for Patacón... will be applicable to Patacón 2. In particular, the holders of `Patacón 2` may apply them, at their nominal value, to the payment of obligations with the Province of Buenos Aires...` RESOLUTION OF THE MINISTER OF ECONOMY OF THE PROVINCE OF BUENOS AIRES No. 300/01 ARTICLE 1: `Authorize the General Treasury of the Province... to order the issuance of Treasury Bills for the Cancellation of Obligations, called `Patacón 2`... whose expiration date will be November 13, 2006...`) |
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| Comments |
These provincial notes were issued by Buenos Aires Province during Argentina's terminal convertibility crisis, when the federal government's decade-long peso-dollar peg was collapsing and provincial administrations across the country began printing their own quasi-currencies to meet payroll and social obligations. Buenos Aires Province called theirs "Patacones" — a name borrowed from an old colonial silver coin, which carried obvious political weight. Ciccone Calcográfica, the established Buenos Aires-province security printer, handled production at Don Torcuato throughout the series.
The Patacón was technically a bond, redeemable for pesos and accepted for provincial taxes. That dual status kept it afloat longer than most of the rival provincial scrips issued in 2001–2002, several of which collapsed within months.