How do I know if this Argentinan Piece of currency is real?

Question

I was given what looks to be an Argentina bill that says UN MILLON DE PESOS from BANCO CENTRAL DE LA REPUBLICA ARGENTINA. It has 1,000,000 written as the amount of the bill in the upper left hand corner and on the left side and in the opposite corners it has a number 99.553.294A. A picture of a guy named SAN MARTIN. On the back it has 25 DE MAYO DE 1810 with a town hall background. Can anyone tell me if this is real money or a bond or something and how I exchange for USD if so.

Answer 1

is a old bill (1980) now is 1 peso argentino.

Answer 2

The good news is that it is a real banknote (Listed in the Standard Catalog of World Banknotes as P-310. Catalog value ranges from $2 to $10, depending on condition). The bad news is that Argentina has remonetized three times since that banknote was issued, the end result being that one current peso would be worth 10,000,000,000,000  pesos moneda nacional (what you have) today, therefore your 1,000,000 old pesos = .000001 current pesos - The following history is borrowed from Wikipedia.com:

The peso argentino ($a), replaced the previous currency (Peso, what you have) at a rate of one to ten thousand in 1983. The currency was born soon after the arrival of democracy. However, soon after it lost its purchasing power too after a number of devaluations which ended up with its substitution by a new currency called Austral in June 1985.

The austral (the symbol was an uppercase A with an extra horizontal line), replaced the peso argentino at a rate of one austral for one thousand pesos. During the period of circulation of the austral, Argentina suffered from hyperinflation. The last months of President Raul Alfonsín's period in office in 1989 saw prices move up constantly (200% in July alone), with a subsequent fall in the value of the currency. Emergency notes were issued (worth 10,000, 50,000 and 500,000 australes) and provincial administrations issued their own currency for the first time in decades. The value of the currency was stabilized soon after President Carlos Menem was elected.

The peso replaced the austral at a rate of one to ten thousand. It was also referred to as peso convertible since the international exchange rate was fixed by the Central Bank at one U.S. dollar to one peso, and for every peso convertible circulating, there was a U.S. dollar in the Central Bank's foreign currency reserves.The end result of this replacement was that one peso would be worth 10,000,000,000,000  pesos moneda nacional today. However, after the economic debacle of 2001, the fixed exchange rate system was abandoned. Since January 2002, the exchange rate fluctuated, up to a peak of four pesos to one dollar (that is, a 75% devaluation).

Answer 3

I live in Argentina. I don't know how it was before but right now you can find San Martin's face in $5 bills, which are mostly green.

Our coins: $0,01; $0,05; $0,10; $0,25; $0,50; $1.

Our bills: $2; $5; $10; $20; $50; $100.

As you can see, $100 is the highest bill you can get... there are NOT bills for a million.

Anyway ...keep in mind that "un peso" (one peso) are three dollars! So, you'll be REALLY lucky if you can change that million for US$3000000. lol. Kind Regards

Answer 4

I'd say it's fake.

Today, we have bills just like the US (except for we use a 2 peso bill and a 1 peso coin)

San Martin is on the 10 peso bill.