It was replaced by the peso moneda nacional at par in 1881. One, the peso fuerte ( $F) was a convertible currency, with 17 pesos fuertes equal to one Spanish ounce (27.0643 g) of 0.916 fine gold. In 1826, two paper money issues began, denominated in pesos. Peso fuerte, 1826–1881 200 pesos fuertes banknote issued in 1869 These coins, together with those from neighbouring countries, circulated until 1881. Following independence, Argentina began issuing its own coins, denominated in reales, soles and escudos, including silver eight-real (or sol) coins still known as pesos. The peso was a name often used for the silver Spanish eight- real coin. Earlier pesos replaced currencies also called peso, and sometimes two varieties of peso coexisted, making it necessary to have a distinguishing term to use, at least in the transitional period the 1992 peso replaced a currency with a different name, austral. The peso introduced in 1992 is just called peso (until 2002, peso convertible), and is written preceded by a "$" sign only. Rioplatense Spanish has informal terms for money for example, an amount of one thousand pesos is called a luca.Īmounts in earlier pesos were sometimes preceded by a "$" sign and sometimes, particularly in formal use, by symbols identifying that it was the specific currency in use at the time, for example " $ + m⁄ n100" or " m$n100" for pesos moneda nacional. There are sometimes multiple official exchange rates for different trade purposes. On 10 August 2023, the official wholesale government exchange rate was determined at ARS$286 to one US dollar the unregulated rate valued the peso at roughly half the official exchange rate, with ARS$599 to one US dollar. Afterwards, it went from a 3:1 exchange rate with the US dollar in 2003 to 250:1 in early 2023. The official exchange rate for the United States dollar valued the peso convertible de curso legal at one US dollar at its introduction in 1992, which was maintained until 2002. Since the early 21st century, the peso has experienced further substantial inflation, reaching 102.5% year-on-year in February 2023, the highest since the current peso was introduced in the Convertibility plan of 1991. A new peso introduced in 1992, officially the peso convertible de curso legal, was worth 10,000,000,000,000 (ten trillion) of the pesos in use until 1970. The peso has experienced severe inflation, with periods of hyperinflation, since the mid-20th century, with periodic change of the currency to a new version at a rate ranging from 100:1 to 10,000:1. It is subdivided into 100 centavos, but due to rapid inflation, coins with a face value below one peso are now rarely used. The peso (established as the peso convertible) is the currency of Argentina, identified by the symbol $ preceding the amount in the same way as many countries using peso or dollar currencies.
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