ARGENTINE BANKNOTE ERROR CREATES A DOUBLE-ZERO DENOMINATION

An issue of Argentine 100 Pesos bills printed in Brazil and in circulation in Buenos Aires was discovered to be missing the "1" which left them with only the double 00.

The discovery was reported by Clarin and picked up by the rest of the media and allegedly the Argentine currency printing house was aware of the error but even so as soon as the crates with the bills arrived from Brazil, allowed their circulation.

The 100 Pesos bill is the highest denomination of Argentine paper money and with inflation running at an annualized 'in the range of 25%' it is not surprising the urgency to have the bills in the streets.

The error in the bills emerged from the fact they were wrongly clipped on one side, cutting off the centennial and leaving the zeroes.

Argentine authorities admitted the mistake but said the number of bills in circulation was "irrelevant". Off the record they admitted the need for paper money since at mid year all dependent workers in Argentina are paid a mid year bonus equivalent to half a month's salary.

Workers at the Argentine currency printing house have been in conflict for several weeks interrupting production of bills and thus forcing the Central bank to have them printed in Brazil.

To read the complete article, see: Roaring inflation: Argentine "double zero" peso bills are "legal tender" (en.mercopress.com/2012/07/05/roaring-inflation-argentine-double
-zero-peso-bills-are-legal-tender)

Wayne Homren, Editor

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