A Short History of the Argentine Peso
Few currencies have been reinvented as often as Argentina's. Repeated bouts of inflation forced the country to redenominate again and again, stripping a total of 13 zeros from its money over the decades.
- 1881Peso moneda nacional
Argentina unifies its currency under the peso moneda nacional, which lasts until 1970.
- 1970Peso ley
The peso ley replaces the old peso, dropping two zeros as inflation erodes value.
- 1983Peso argentino
Another redenomination introduces the peso argentino, removing four more zeros.
- 1985Austral
The austral replaces the peso argentino during a period of very high inflation.
- 1992Convertible peso
The modern peso (ARS) arrives, pegged one-to-one to the US dollar under the Convertibility Plan.
- 2002End of convertibility
Amid a severe economic crisis, the dollar peg is abandoned and the peso is allowed to float and fall.
- 2011Currency controls (cepo)
Restrictions on buying dollars fuel the growth of the informal 'blue dollar' market.
- 2018Currency crisis
The peso loses much of its value as inflation and debt pressures mount.
- 2023Sharp devaluation
Days after taking office, a new government sharply devalues the official rate by more than 50% as part of an economic overhaul.
- 2024Higher-value banknotes
To keep cash practical amid high inflation, the central bank issues new 10,000 and 20,000 peso notes.
Today the peso (ARS) still struggles with high inflation, which is why it trades at several rates at once — the official rate alongside the blue dollar. See the live chart for how far it has fallen, or read why the peso keeps falling.
Frequently asked questions
How many times has Argentina changed its currency?+
Argentina has redenominated its currency several times since the late 20th century — through the peso ley, peso argentino, austral, and finally today's peso in 1992. Across these reforms, a total of 13 zeros were removed from the currency.
Was the Argentine peso ever equal to the US dollar?+
Yes. From 1992 to 2002, under the Convertibility Plan, the peso was pegged one-to-one to the US dollar. The peg collapsed during the 2001–2002 crisis, after which the peso floated and lost value.