The LECOP was a bond issued by Argentine national government to replace the Patacón, which was issued by twenty-four of the provincial governments. LECOP (sometimes written as a common word, Lecop), stands for Letra de Cancelación de Obligaciones Provinciales ("Letter of Cancellation of Provincial Obligations"). Dutch East India Company bond, issued in 1623. ... Argentina consists of 23 provinces (provincias, singular - provincia), and 1 federal district (Capital Federal *). Capital Federal * Buenos Aires Catamarca Chaco Chubut Córdoba Corrientes Entre Ríos Formosa Jujuy La Pampa La Rioja Mendoza Misiones Neuquén Río Negro Salta San Juan San Luis Santa Cruz Santa Fe Santiago...
These bonds were circulated at a substantial discount from their face value, so anybody accepting was bound to experience devaluation (or inflation). Devaluation is reduction in the value of a currency. ...
The LECOP was a bond issued by Argentine national government to replace the Patacón, which was issued by provincial governments.
LECOP (sometimes written as a common word, Lecop), stands for Letra de Cancelación de Obligaciones Provinciales ("Letter of Cancellation of Provincial Obligations").
While LECOPs were intended as a means to replace legal currency (Argentine pesos) at a time when cash was scarce, there were occasions in which LECOPs were not accepted as valid means of payment — most notably, most taxes could only be paid in pesos, or only partly paid in LECOPs.
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