The currency of Argentina is the Argentine peso, abbreviated ARS and written with the dollar sign $ (often as AR$ to avoid confusion with the US dollar). Issued by the Central Bank of Argentina (Banco Central de la República Argentina, or BCRA), the peso is divided into 100 centavos, though decades of inflation have rendered the centavo entirely obsolete in everyday life.
The Argentine Peso at a Glance
The peso has been Argentina's official money since 1992, when it replaced the austral after yet another bout of hyperinflation. Banknotes circulate widely, while coins have become almost ceremonial — their face value too small to buy anything. Key facts include:
- Official name: Argentine peso
- ISO code: ARS
- Symbol: $ (commonly AR$)
- Subunit: centavo (1/100, no longer used in practice)
- Issuing authority: Central Bank of Argentina (BCRA)
- Introduced: 1992 (current peso, the "peso convertible" lineage)
What makes the peso unusual is not its design but its instability. Argentina has cycled through five different currencies since 1969 — the peso ley, peso argentino, austral, and two versions of the peso — each one launched to wipe away the zeros accumulated by the last.
Why the Peso Is So Volatile
Argentina's monetary history reads like a warning label. The country has endured repeated episodes of high inflation and outright hyperinflation, most dramatically in the late 1980s and again following the 2001 economic collapse, when the peso's long-standing one-to-one peg to the US dollar shattered. In recent years annual inflation has at times exceeded 100%, steadily eroding the value of cash held in pesos.
To manage scarce foreign reserves, the government has periodically imposed currency controls that restrict how many dollars residents can buy. These controls created a famous gap between the official exchange rate and the parallel "blue dollar" street rate, where pesos traded much more cheaply for hard currency. Reforms beginning in late 2023 aimed to tame inflation and narrow that gap, but the peso remains one of the world's more closely watched currencies for sheer volatility.
Banknotes and Coins in Circulation
Because inflation constantly outpaces the largest available note, the Central Bank has repeatedly issued higher denominations. The modern lineup has grown to include very large face values that would have been unthinkable a decade ago. Commonly circulating notes include:
- $10,000 and $20,000 — the newest, highest-value notes added to keep pace with rising prices
- $2,000 — featuring scientific and medical heritage themes
- $1,000 — blue, originally part of the native-animal series (the hornero bird)
- $500 — yellow, depicting the jaguar
- $200 — green-blue, depicting the southern right whale
- $100 — historically purple, associated with Eva "Evita" Perón
Argentina notably swapped a series honoring native wildlife back toward national figures and heritage on some newer notes, reflecting shifting political priorities. The smallest old notes and all coins are now so devalued that merchants frequently round prices or ignore centavos entirely.
Using Money in Argentina as a Traveler
Spending in Argentina rewards a little preparation. Card payments are convenient and process at the official exchange rate, which for tourists has improved with recent reforms. Cash dollars, ideally clean and uncreased US bills, can be exchanged at licensed casas de cambio, and international card networks have rolled out tourist-friendly rates that reduce the old incentive to seek street exchanges. ATMs work but tend to impose low withdrawal ceilings and steep fees, so many visitors withdraw less often in larger amounts. For deeper context on the country itself, see our argentina country guide.
A few practical habits help: carry a mix of payment methods, keep smaller notes for taxis and markets, and check the prevailing rate before you arrive, since it can move noticeably from week to week. Despite the financial gymnastics, Argentina remains one of South America's most visited destinations, and the effort of managing pesos is a small price for its steak, wine, glaciers, and tango.
Frequently Asked Questions
What is the currency of Argentina called?
It is the Argentine peso, written with a dollar sign ($) and abbreviated ARS internationally. To avoid confusion with the US dollar, locals and price tags often use AR$.
Is the US dollar accepted in Argentina?
US dollars are not legal tender, but they are widely valued and frequently exchanged for pesos at casas de cambio. Some hotels and tourism businesses informally accept dollars, though everyday purchases are made in pesos.
What is the "blue dollar" in Argentina?
The "blue dollar" is the parallel, unofficial exchange rate for US dollars that historically offered more pesos than the official government rate. It emerged because of currency controls, and the gap has narrowed following economic reforms.
Why does Argentina have such high-value banknotes?
Chronic inflation has eroded the peso's purchasing power, so the Central Bank keeps introducing larger denominations like the $10,000 and $20,000 notes so that everyday transactions don't require enormous stacks of cash.
