The Argentine Republic is located in the southern part of South America taking a chunk of the Southern Cone and bordered by Chile, Bolivia, Paraguay, Brazil, Uruguay, the South Atlantic Ocean, and the Drake Passage. Covering an area of 2,780,400 square kilometers, Argentina is the second-largest nation in South America. It is also the fourth-largest in the Americas and the eighth-largest in the world.
Its declaration of independence from the Spaniards from 1810 to 1818 was followed by another civil war that ended in 1861 which led to restructuring as a federal state. This federal state is divided into 23 provinces and one city having its own constitutions but in one federal system.
Driven by services and manufacturing, the country is one of the leading economies in the region, and in the 19th and 20th centuries, the economy was dependent on agribusiness and ranching. Argentina still has the highest production of grain in Latin America and is second in livestock raising. Furthermore, it’s second to Mexico in terms of tourism receipts. The country could have been one of the richest in the world if not due to multiple economic dips, high inflation, and an increasing number of unemployed individuals.
In 2001, the country was hit by severe economic depression, the surge of public and external debts, and a bank run. In December of that year, President Adolfo Rodriguez Saa declared a default on Argentina’s foreign debt which is the highest sovereign default. A few days after assuming office, Rodriguez resigned.
Argentina’s official currency is the Argentine peso (ARS) which is divided into 100 centavos. The peso has long been in use and went through several reforms. In 1992, the peso convertible was introduced to replace the australes. The set of notes issued in 1992 features Argentine leaders, landmarks, and monuments. The peso was pegged to the US dollar at a rate of 1-to-1 until Adolfo Rodriguez Saa’s successor, Eduardo Duhalde, put the peg to an end in 2002.
Between 2016 and 2018, another set of notes was released, highlighting Argentine wildlife. On their obverse is an endemic animal while the reverse depicts their habitat along with a species distribution map in which the current distribution is shown in blue.