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Argentina Hyperinflation Banknotes

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1,000,000 Pesos (1981-83)

1,000,000 Pesos (1980-83) front

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1,000,000 Pesos (1980-83) back

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Front: José Francisco de San Martín (1778-1850), revolutionary leader

San Martín was born in Argentina, then a Spanish colony. His father was a Spanish official. He was educated at the military academy in Madrid, commissioned as a Second Lieutenant in 1793, and rose to the rank of Lieutenant Colonel in 1808. He fought with the Spanish army against Portugal, in the African colonies, and against the invasion by Napoleon I's forces. In 1812 he resigned from the Spanish army and sailed home to Argentina, where he offered his services to the revolutionary forces.

San Martín led the rebels against the Spanish forces under General José Zavala at the Battle of San Lorenzo on 3 February 1813, which became the first victory of the Argentine War of Independence. He was given the rank of General by the revolutionary government. The following year he took command of the northern army preparing a new invasion of Upper Perú (now Bolivia), a command he resigned to become governor of the province of Cuyo (now the provinces of Mendoza, San Juan, and San Luis), from where he crossed the Andes and attacked the Royalists in Chile at the beginning of 1817. With Bernardo O'Higgins, he made a triumphant entry into the liberated city of Santiago de Chile on 17 March 1818.

Next, San Martín turned his attention to the Spanish stronghold of Peru. For more than two years he prepared an invasion by sea. After months of slow advances, he won a decisive victory at the Battle of Pisco on 6 December 1820. San Martín occupied Lima, the capital of Peru, on 9 July 1821. This was a huge loss for the Spanish forces. On 28 July he was voted the "Protector" of the newly independent nation. San Martín finally declared independence from Spain for Peru on 9 December 1824. After Peru's parliament had been assembled, he resigned his command.

In 1824, after the death of his wife, Remedios de Escalada, he moved to France with his daughter Mercedes, where he spent the remainder of his days retired at Boulogne-sur-Mer. In 1880 his remains were taken to Buenos Aires and reinterred in the Buenos Aires Cathedral.

Back: Independence Declaration

Back to Hyperinflation Banknotes

Argentina went through a period of hyperinflation and a series of currency reforms between 1969 to 1992. Before 1969, the highest denomination was 10,000 Pesos. 1 new Peso was exchanged for 100 old Pesos in 1969, and the highest denomination reached 1,000,000 Pesos in 1981.
In three subsequent currency reforms, 1 Peso Argentino was exchanged for 10,000 Pesos (1983), 1 Austral for 1,000 Pesos Argentinos (1985), and 1 new Peso for 10,000 Australes (1992).
The overall impact of inflation: 1 current Peso = 10,000,000,000,000 pre 1969 Pesos.

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