ARGENTINA. Banco Hipotecario (de la Provincias Ligadas del Norte). 1 Real, 1841. P-S1679. PMG Choice Very Fine 35 Net. Hole Cancelled.(TUC-1b) Many provinces were very dissatisfied with the economic policies of Rosa. When negotiations failed, five provinces in the north (Catamarca, Jujuy, La Rioja, Salta and Tucuman) formed an alliance (League of the Provinces of the North) and declared war on Rosas. Since the movement against Rosas started in Tucuman, it became the center of power. A meeting was held in Tucuman on September 24, 1840 to form a consolidated army and to discuss the terms of the alliance. In spite of the consolidated army, the Northern League was defeated and the leaders fled to other countries.<p><p>To fund the army, notes were issued in Tucuman. Since there was not enough gold and silver to back the currency, land was used as collateral. They were cancelled with a hole when they were redeemed. However, how the payment was made when they were redeemed is not known. The first notes were issued on March 9, 1841. <p>PMG comments "Previously Mounted, Hole Cancelled."PMG Choice Very Fine 35 Net. Previously Mounted. Hole Cancelled.From the Robert J. Bauman Collection.
