What is the ARP (Argentinian Peso)
The Argentinian peso (ARP) circulated between 1983 and 1985 is no longer in use for the Argentine Republic. The Central Bank of Argentina regulates the supply of Argentine pesos in circulation as part of the country's monetary policy. Another name for the ARP is the peso argentine. When written formally, the $ proceeds the peso amount.
BREAKING DOWN ARP (Argentinian Peso)
In 1985, the Austral replaced the Argentinian peso for a short period. The Austral was itself replaced with the Argentinian Nuevo peso in 1992. The Argentinian Nuevo peso (ARS) is the country’s current legal currency.
Historically, Argentines use the term "peso” for silver Spanish pieces-of-eight real coins which circulated in the country from Spanish colonial rule in the 1700s onward. Spanish coins and those minted by neighboring countries circulated within Argentina until 1881. The first convertible paper money issued by the government was the peso Fuerte (ARF), which appeared in 1826. Seventeen peso notes exchanged for one ounce of fine gold. The Fuerte existed alongside the non-convertible peso Moneda Corriente.
After final independence in 1861, the Argentina government begin to exert effort to control its currency. In 1881, the government established official regulations for stamped gold and silver peso coins for use as the country’s legal monetary units until 1970. These gold and silver coins existed alongside a paper currency, the peso Moneda Nacional. The Nacional replaced previously issued money with the exchange of the peso Moneda Corriente at a rate of 1 to 25, and the Fuerte at par.
At its introduction, the peso Moneda Corriente had pegging to the French franc at a rate of 1 peso Moneda Corriente to 5 French francs. In 1927, the government switched pegs, using a rate of 2.36 pesos to 1 U.S. dollar (USD). After revaluations in 1931 and 1933, the government once again switched pegs in 1934, setting a rate of 15 pesos to 1 British pound (GBP).
Years of continued inflation issues caused several devaluations and the introduction of several different national currencies as the money lost its purchasing power.
- The peso Ley, circulated between 1970 and 1983, replaced the peso Moneda Nacional at a rate of 1 to 100.
- In 1983, the introduction of the peso Argentino became the currency and circulated until 1985 and exchanged with the Ley at a rate of 1 to 10,000.
- Between 1985 and 1991, the national currency was the Austral (ARA) and exchanged with the Argentino at a 1 to 1000 rate.
The most recent issue of an Argentine Republic national currency is the peso convertible (ARS), which began circulation in 1992. The ARS replaced the Austral at a rate of 1 peso to 10,000 Australs. Fluctuations in the foreign exchange rate continue to plague the country. The central bank will issue pesos and buy dollars in an attempt to keep the value from dropping.
Denominations of the Argentinian Peso
The Central Bank of Argentina issued coins in denominations of 1, 5, 10 and 50 pesos in 1984 and 1985. Banknotes were made in 1, 5, 10, 50 and 100 Argentine pesos for the lowest four denominations, while the highest five denominations included notes with 500, 1,000, 5,000 and 10,000 pesos. When the austral replaced the Argentine peso, some of the highest denominations of banknotes had the new value of austral printed over them, so the central bank did not have to reprint higher values.