Argentina 2 Reales 1844

Argentina, one of the largest and most diverse nations in South America, has a rich numismatic tradition that reflects its complex political development, struggles for independence, economic fluctuations, and national pride. From its earliest colonial coinage under Spanish rule to the complex and varied modern issues, Argentinian coins provide a fascinating chronicle of the country's evolving identity.

This essay presents a comprehensive exploration of Argentina's coins and numismatics, beginning with the colonial period, progressing through the struggle for independence, the development of the national mint, the major coin issues of the 19th and 20th centuries, and concluding with contemporary coinage and the state of Argentinian numismatics today.

I. The Colonial Era: Spanish Rule (16th Century – 1810)

The Spanish Minting System

Before achieving independence, what is now Argentina was part of the Spanish Empire, administered under the Viceroyalty of the Río de la Plata (established in 1776). Under Spanish rule, coins used in the region were predominantly minted in Lima (Peru), Potosí (Bolivia), and occasionally in other mints across Spanish South America.

The primary coinage during this period was the Spanish silver “real” and its multiples, notably:

1 real (small silver coin)
2 reales (quarter dollar equivalent)
4 reales (half dollar)
8 reales (“piece of eight” — the most famous silver coin of the era)

Gold coins included escudos and their multiples. These coins often bore the likenesses of Spanish monarchs and heraldic symbols such as the Pillars of Hercules and royal coats of arms.

Counterstamped and Local Issues

As local commerce expanded and coin shortages arose, counterstamping became a practice to extend the validity of foreign coins circulating in the region. Some local authorities issued emergency coinage or crude copper tokens for small transactions, reflecting the growing autonomy and tensions between colonial administrators and emerging local elites.

II. The Wars of Independence and Early Republican Coinage (1810 – 1826)

The May Revolution and the Birth of a Nation

In 1810, the May Revolution in Buenos Aires marked the beginning of the Argentine War of Independence. By 1816, Argentina (then part of the United Provinces of the Río de la Plata) declared its independence from Spain. This turbulent period created a need for new coinage that reflected the emerging identity of the republic.

Early Republican Coinage

One of the first significant coins of independent Argentina was the "Soles" and "Pesos" minted under the authority of the revolutionary governments, often minted in Potosí or struck in Buenos Aires using locally designed dies. Early designs frequently included symbols of liberty, such as the Sun of May, a radiant face surrounded by rays, which remains one of Argentina’s national emblems to this day.

Key characteristics of early republican coinage include:

The Sun of May on obverse or reverse
Allegories of Liberty (Liberty cap on pole)
National mottos such as “En unión y libertad” ("In unity and freedom")

These coins were both monetary instruments and political statements, asserting the sovereignty and unity of the new nation.

III. Establishment of the National Mint: Casa de Moneda

Creation of the National Mint

In 1875, Argentina formally established its national mint, the Casa de Moneda in Buenos Aires, marking a crucial step in its monetary development. This allowed for standardized production of coins under the control of the national government rather than relying on foreign mints or provisional issues.

The establishment of the mint coincided with Argentina’s economic expansion, increased European immigration, and modernization efforts.

The Peso Moneda Nacional

In 1881, Argentina adopted the Peso Moneda Nacional as the official currency, replacing the earlier Peso Fuerte and various regional currencies. The Peso Moneda Nacional was pegged to the gold standard, introducing stability after decades of monetary confusion.

Coin denominations included:

Copper coins: 1, 2, and 5 centavos
Silver coins: 10, 20, 50 centavos, and 1 peso
Gold coins: 2, 5, and 10 pesos

The design of these coins often featured:

The Sun of May
Wreaths and laurel branches (symbols of victory and peace)
National shields
Allegorical figures representing Liberty or the Argentine Republic

These coins reflected Argentina’s growing national pride, economic confidence, and alignment with Western economic standards.

IV. Iconography and Symbolism in Argentinian Coins

The visual elements on Argentina’s coins convey deep symbolic meaning:

The Sun of May

This emblem originates from the May Revolution of 1810. It symbolizes freedom and the dawning of a new nation. Its design draws on Incan sun-worship symbolism, blending indigenous heritage with revolutionary ideals.

Liberty Cap

The Phrygian cap, or liberty cap, surmounting a pole, is a universal symbol of freedom dating back to Roman times. On Argentine coins, it signifies the newly won independence.

Coat of Arms

The Argentine coat of arms features two hands shaking (symbolizing unity), a pike (defense of liberty), and the Sun of May, all surrounded by laurel branches, a classic symbol of victory and peace.

Agricultural and Industrial Imagery

As Argentina industrialized, later coin designs incorporated imagery reflecting economic prosperity, such as sheaves of wheat, cattle, ships, and factories.

V. 20th Century Coinage: From Prosperity to Inflation

The Golden Age of Argentina

In the early 20th century, Argentina was one of the world's wealthiest nations, often referred to as the “granary of the world” due to its agricultural exports. Coinage during this period reflected this prosperity, with beautiful, well-designed issues.

For example, the gold 5 pesos and 10 pesos coins (1881–1896) are highly prized by collectors for their artistic excellence and historical significance.

The Peso Ley and the Peso Argentino

By mid-century, economic instability led to repeated currency reforms:

In 1970, the Peso Ley 18.188 replaced the old Peso Moneda Nacional.
In 1983, the Peso Argentino replaced the Peso Ley at a rate of 10,000 to 1.
Inflation eroded confidence in the currency, necessitating frequent reforms.

Hyperinflation and the Austral

In 1985, Argentina introduced the Austral, worth 1,000 pesos argentinos. This marked an attempt to stabilize the collapsing currency amid hyperinflation reaching thousands of percent per year.

Coin denominations during the Austral period ranged from centavos to several australes, often rapidly becoming obsolete due to inflation.

The designs remained patriotic, with frequent appearances of:

José de San Martín (the liberator of Argentina)
National heroes and symbols
National landmarks

However, the frequency of change and inflation made much of this coinage short-lived in circulation.

VI. Modern Era: The New Peso (Peso Convertible)

Currency Reform of 1992

In 1992, under President Carlos Menem’s administration, Argentina implemented a currency reform, introducing the Peso Convertible (often simply called the peso), equal to 10,000 australes. The currency was pegged 1:1 to the US dollar in an effort to combat hyperinflation.

The new coinage featured:

1, 5, 10, 25, 50 centavos, and 1 peso coins
Continued emphasis on national heroes, such as:
- General José de San Martín
- General Manuel Belgrano
- General Juan Manuel de Rosas
Depictions of regional fauna and flora in some commemorative series
High-quality modern minting techniques

Modern Numismatic Innovations

The Casa de Moneda began producing higher quality commemorative coins, including:

Bicentennial issues (2010) celebrating 200 years of independence.
Cultural series showcasing Argentina’s diverse provinces, natural wonders, and cultural icons.
Limited edition gold and silver proof coins appealing to collectors worldwide.

The introduction of colored coins and bi-metallic designs reflected global trends in modern numismatics.

VII. Themes in Argentinian Numismatics

Political Instability

Argentine coins are often direct reflections of political regimes. Each military coup, constitutional change, or major political shift often led to currency reforms or new issues, making Argentine numismatics a rich field for political historians.

Economic Crisis and Recovery

The cycles of hyperinflation, devaluations, and currency reforms make Argentina’s numismatic history especially complex. Collectors often specialize in tracing these turbulent transitions through the various denominations, series, and short-lived issues.

National Identity

Despite economic instability, the central theme of national identity remains constant across Argentina’s coins:

The enduring Sun of May
The recurring image of José de San Martín
National unity slogans
Indigenous symbolism
Celebration of independence and regional pride

VIII. Collecting Argentinian Coins: Challenges and Opportunities

Popular Series for Collectors

Several coin series are especially popular among numismatists:

Gold Peso Series (1881-1896) — rare and valuable.
Silver Peso Series (1881-1883) — beautiful silver crowns.
Early Republican Issues (1813-1826) — featuring early national symbolism.
Bicentennial Commemorative Coins (2010) — artistically outstanding modern pieces.
Provincial Token Coins (19th century) — unique regional coinage.
Inflation Era Coins (1970s-1990s) — challenging due to the sheer variety and rapid changes.

Numismatic Societies and Museums

Argentina has a vibrant numismatic community:

Sociedad Numismática Argentina (SNA): Founded in 1917, this is the leading numismatic organization in the country, offering research publications, auctions, and educational resources.
Museo Histórico Numismático del Banco Central de la República Argentina (BCRA): The national museum of numismatics, located in Buenos Aires, hosts an extensive collection of historical coinage, currency, and medals.

Counterfeits and Reproductions

Given the value of certain historical issues, counterfeit coins and reproductions occasionally appear on the market. Collectors must rely on reputable dealers, expert certification, and careful study to ensure authenticity.

IX. Medallic Art and Tokens

In addition to official coinage, Argentina has produced a rich variety of:

Commemorative medals for events, anniversaries, and political milestones.
Private tokens for local businesses, transportation (subways, buses), and fairs.
Banking tokens during periods of coin shortages in the 19th century.

These artifacts broaden the field of Argentine numismatics beyond standard circulation coins, offering further avenues of exploration for collectors and historians.

X. The Future of Argentinian Numismatics

Digital Currency and Cashless Transactions

Like many countries, Argentina is increasingly moving toward electronic payment systems. However, physical currency remains widely used due to socio-economic factors. Numismatics may see a gradual shift toward historical collecting as modern coin usage declines.

Commemorative Innovation

Argentina continues to issue innovative commemorative coins, often in limited runs, appealing to both domestic and international collectors. Recent themes have included:

Argentine wildlife (e.g., jaguar, condor, whale)
UNESCO World Heritage Sites
National heroes revisited with modern designs

Educational and Cultural Importance

Numismatics remains a respected educational discipline in Argentina, used to teach history, art, politics, and economics. Museums, public exhibits, and educational programs foster public interest in preserving numismatic heritage.