The $5 peso bill is being replaced by the $5 peso coin

[gracielle]

26 July 2019
https://www.cronista.com/finanzasme...rculacion-a-fines-de-enero-20190726-0020.html
The Central Bank (BCRA) launched a $5 peso bill exchange that starts in August. The goal is to get them out of circulation, as they have already done with the $2 peso bill.
They can be used for purchases until the last working day of January 2020, while banks will be obliged to receive them until February 28, 2020. Finally, it should be noted that as of 1 June 2020, the $5 peso bills will be considered demonetized...

 

[retiredbanker]

26 July 2019
https://www.cronista.com/finanzasme...rculacion-a-fines-de-enero-20190726-0020.html
The Central Bank (BCRA) launched a $5 peso bill exchange that starts in August. The goal is to get them out of circulation, as they have already done with the $2 peso bill.
They can be used for purchases until the last working day of January 2020, while banks will be obliged to receive them until February 28, 2020. Finally, it should be noted that as of 1 June 2020, the $5 peso bills will be considered demonetized...

Another scam that the people of Argentina overlook in that the new $5 peso note was introduced right near the end of Christina's reign. The govt knew they'd be replacing the 5's with coins (as it's much, much cheaper) but went ahead with the new design, printing and promotion. Wasn't Amado Boudou and his amigo in the currency printing business and no doubt profited handsomely ftom the redesign and new printing. Isn't Boudou still in the slammer?

 

[ben]

Great, now the smallest denomination note in circulation will be the 10-peso note, which has a value of (checks notes) USD 0.225 give or take.
Anybody mind explaining why they don’t abolish the 10 and the 20 while they’re at it?
Why should people be handling notes worth less than a dollar?

 

[retiredbanker]

Great, now the smallest denomination note in circulation will be the 10-peso note, which has a value of (checks notes) USD 0.225 give or take.
Anybody mind explaining why they don’t abolish the 10 and the 20 while they’re at it?
Why should people be handling notes worth less than a dollar?

It's all psychological as people trust paper money more than coins (unless silver or gold). Notice the new 1 peso coin struck on US penny planchettes, much cheaper than the older 1 peso coin but when new shines like gold. In a few months of circulation, they'll look like tarnished copper. All a matter of perception. I also read a 10 peso coin is soon to be released so the $10 peso bill will disappear too.

 

[sts7049]

somehow businesses never have change to give anyway. one of the most annoying things about paying cash here.

 

[ben]

It's all psychological as people trust paper money more than coins (unless silver or gold). Notice the new 1 peso coin struck on US penny planchettes, much cheaper than the older 1 peso coin but when new shines like gold. In a few months of circulation, they'll look like tarnished copper. All a matter of perception. I also read a 10 peso coin is soon to be released so the $10 peso bill will disappear too.

Canada phased out the $1 bill 30 years ago, and the $2 bill more than 20 years ago, replaced with the “loonie” and “toonie” respectively. Last I checked people trust their coins there as much as any bill here, if not more.

That the peso resembles a penny, worn out and all, is also not too tragic, considering that the peso’s worth is little more than double that of a penny. To use a bimetallic design for that is beyond absurd. Hell, it was absurd 10 years ago, when the peso was worth just over a quarter.

There is no justification whatsoever to have kept the 5, 10 or 20 peso bills in circulation until now. And a decent argument can be made regarding retiring the 50 peso note as well. To just now be moving on the 5, with the 10 sometime in the future and no public plans for the 20, is bonkers.

 

[deadOA]

What is absurd is the lack of $1000 and $500 bills. 99% of the time you will get $100 bills. Paying the rent is a monthly pain in the a**.

 

[retiredbanker]

Canada phased out the $1 bill 30 years ago, and the $2 bill more than 20 years ago, replaced with the “loonie” and “toonie” respectively. Last I checked people trust their coins there as much as any bill here, if not more.

That the peso resembles a penny, worn out and all, is also not too tragic, considering that the peso’s worth is little more than double that of a penny. To use a bimetallic design for that is beyond absurd. Hell, it was absurd 10 years ago, when the peso was worth just over a quarter.

There is no justification whatsoever to have kept the 5, 10 or 20 peso bills in circulation until now. And a decent argument can be made regarding retiring the 50 peso note as well. To just now be moving on the 5, with the 10 sometime in the future and no public plans for the 20, is bonkers.

Whereas in the US, $1 coins a huge flop! Since 1979 when the Susan B. Anthony coins were released, its generally impossible to find them in circulation as there, the people like paper bills.

 

[TomAtAlki]

In Argentina kill the 1 peso
In the US kill the penny.

T/

 

[retiredbanker]

In Argentina kill the 1 peso
In the US kill the penny.

T/

The 1 cent coin in still widely used in the US. Sorry to pop your bubble.