Miami Valley Coin Club

Want to Invest in Argentine Pesos Anyone ?

On May 22, Argentina released its new 2,000 Peso bill, its largest denomination ever. The “official” exchange rate to the U.S. dollar is 8 ½ pesos to one U.S. But most Argentines buy dollars in unofficial markets where they trade at over 480 pesos versus the official rate of 235 (2,000 pesos ÷ 8 ½). Citizens rush to spend their pesos as quickly as they can before their pesos lose more of their value.

The current leading candidate for the Argentine Presidency says, “The peso melts faster that ice in the Sahara Desert.” He is proposing replacing Argentina’s domestic currency exclusively with the U.S. dollar.

At this time coins have stopped circulating due to devaluing.