The E-Sylum:  Volume 5, Number 47, November 24, 2002, Article 11

ARGENTINA'S EMERGENCY MONEY

  The economic situation in Argentina has led to a
  situation not unlike that of the U.S. during the Great
  Depression of the 1930s.  Municipal governments,
  strapped for cash amid falling tax revenues, have
  stooped to issuing bonds to pay their employees.
  These emergency notes are called "patacones",
  and sound very similar to what U.S. collectors call
  "Depression Scrip"

  From an article in the BBC News dated August 21,
  2001:

  "From this week 150,000 people who work for the state
  of Buenos Aires won't get all of their salary paid in cash.

  Some of it will now be paid in one-year bonds, called
  "patacones", nicknamed after a long defunct currency.

  Already McDonalds in Buenos Aires is planning to accept
  the currency and is launching a special meal deal called the
  "Patacombo".

  Cash machines at the provincial bank in Buenos Aires are
  being loaded up with $90bn worth of  the freshly minted
  Patacones bills, named after a currency which was last
  around 120 years ago.

  These will pay the wages of local state employees earning
  more than $740 a month.  This state, like many others, is in
  dire need of cash.

  It has been hit by falling tax receipts, customers have been
  withdrawing their savings from the banks, and credit is drying
  up."

  http://news.bbc.co.uk/1/hi/business/1501239.stm

  A web search found this photo of patacones:

  http://www.lafuma.fr/lafuma/fr/outdoors/cyril_nico/photo/fevrier/patacones.jpg

  Can any of our E-Sylum readers provide more information
  on the use of patacones?  Are similar currencies appearing
  elsewhere?   Any what were the original patacones?

  Wayne Homren, Editor

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