1 Real – Córdoba

In 1841, the province of Córdoba, Argentina, was entangled in the profound monetary chaos that characterized the early years of the Argentine Confederation. The period following the dissolution of the central authority of the United Provinces of the Río de la Plata was marked by internal strife, regional isolation, and economic fragmentation. With no national currency in effective circulation, provincial governments, including Córdoba, were forced to issue their own paper money to finance their operations, particularly the ongoing civil wars and militia costs. This led to a proliferation of low-value, unconvertible notes that traded at steep discounts and fueled rampant inflation.

Governor Manuel López, in power since 1835, directly oversaw Córdoba's fiscal response. The provincial treasury issued billetes de caja (treasury notes) and vales (IOUs), which were essentially fiat currency backed only by the promise of future provincial revenue. These notes depreciated rapidly against precious metals and even against the similarly unstable paper money of Buenos Aires. The situation was exacerbated by counterfeiting and a general lack of public confidence, creating a complex and unreliable multi-currency environment where coins were hoarded and paper was viewed with deep suspicion.

The currency crisis of 1841 was therefore a direct symptom of political disintegration. It severely disrupted commerce, eroded salaries and savings, and placed a heavy burden on the local populace. Córdoba's monetary instability mirrored that of its neighbors, reflecting a broader national failure to establish a unified economic system. This environment of financial disorder would persist for decades, hindering economic development and integration until the forceful national currency unification policies of the late 19th century.