By virtue of Executive Order No. 2128, dated October 10, 1991, the PESO LINE became legal tender as from January 1, 1992. According to that order, each new peso was equivalent to ten thousand australes, the former legal tender line. The peso could be exchanged for US dollars at a one-to-one rate established to continue with the provisions of the Austral Convertibility Law No. 23928, dated March 27, 1991. The notes that were issued back then read “convertible legal tender.”

Notes have a 155 mm wide, 65 mm tall standard size. They are manufactured with 100% cotton fiber paper weighing 83 g/m2, which is non-fluorescent under UV light. They are printed in three consecutive stages, using offset, intaglio and letterpress printing.

Five years from its issuance, some changes were made to this line, including improved engravings, a higher g/m2 ratio (90 g/m2) paper, and the inclusion of a cylindrical mould watermark reproducing the note portrait in the same direction.

Section 3 of the Law No. 25561 on Public Emergency and Exchange Rate Regime Reform, dated January 6, 2002, repealed Sections 1 and 2 of the Austral Convertibility Law. Therefore, the phrase “convertible legal tender” was removed from peso notes.

All notes bearing that inscription, however, are still in circulation and valid as a means of payment.

Original note		Date of issuance	Denominación	New design		Date of issuance
		02/01/1992	$1	$1 coin		01/09/1994
		06/01/1992	$2			26/11/1997
		03/01/1992	$5			22/06/1998
		03/01/1992	$10			14/01/1998
		06/01/1992	$20			18/01/2000
		02/01/1992	$50			19/07/1999
		06/01/1992	$100			03/12/1999