50 Pesos

The Buenos Aires provincial treasury notes of 2002 — collectively known as Patacones — were a direct consequence of Argentina's convertibility crisis and the federal government's failure to transfer tax revenues to the provinces. Buenos Aires, unable to meet its payroll obligations in federal pesos, began issuing its own quasi-currency in August 2001. By 2002 the series had expanded significantly, and notes of this denomination were accepted for provincial taxes and some private transactions, giving them a de facto monetary function without any formal central bank authorization.

Several Argentine provinces issued similar instruments simultaneously, but the Patacón became the most widely recognized. The program was wound down and redeemed at par once federal transfers normalized — a faster resolution than most expected.