The peso is the official currency used in Argentine. It is a decimal system and each dollar can be subdivided into 100 centavos. The peso is denoted by the symbol $, but to differentiate it from the US dollar, the Argentinean people tend to use US$ to symbolise that the currency is US dollars, not the Argentinean peso.
The coins are issued in the denominations of 5, 10, 25, 50 centavos and 1 peso. Notes are issued in 2, 5, 10, 20, 50 and 100 pesos.
The peso was introduced in 1826 in the form of two different types of banknotes. These were respectively, the peso Moneda Corriente and the peso Fuerte. One was a convertible currency and the other was not. But the inconvertible currency, namely the Moneda Corriente, was not a success and both these types of peso were abolished in 1881 and the Peso Moneda Nacional was introduced.
This was effectively, the peso that still exists today, despite the fact that it has been subject to changes over time, since the peso was decimalised in 1881. There was also a period between 1985 and 1991, when the peso was replaced with the austral, but this is the only time it was not in use, since its introduction.
Although the peso suffered significantly as a result of the economic crisis that seized Argentine in 1890, it was soon to recover. Indeed, it became a very strong currency and was traded throughout the world. Then economic collapse ensued and the peso was subject to quite extensive periods when it suffered from inflation as well as hyperinflation.
Throughout the 21st Century, the peso has experienced significant turmoil. This has resulted in the economy going into meltdown in 2001 and food riots took place, such were the problems of the economy. Inflations is still a real problem in the country, but the government aims to reduce inflation to at least single figures by the end of 2009.
The current government, who came into power in December 2007, are committed to keeping the peso as a weak currency, thereby using the peso to reduce inflation, but as yet this policy seems to have only limited success.
It is possible to acquire pesos relatively easily within Argentine. You can use your credit or debit card in an ATM machine. You will then receive the exchange rate applicable on that day and since the currency is weak, this is usually quite a good rate.
Usually ATM's dispense money in the form of either 10, 20, 50 and 100 peso bills. However, if you get out a 100 peso note, you may find that it is hard to exchange this, so if you try to take out amounts such as 50, 70 or even 90, then you will get some smaller notes that will be easier to change. Most ATM's do not dispense amounts over 500 pesos, so be careful to withdraw money regularly. You will find that there are lots of ATM machines in Buenos Aires, but in some of the other smaller towns, they are not as plentiful, so if you are travelling around, make sure you have enough to keep you going, if you can't reach an ATM.
You will also find that US dollars are readily accepted in most of the bigger hotels or any business that is geared towards tourists. However, for routine and smaller purchases, you will need to have some pesos.
Traveller's cheques can be used. It is usually better to have these in the form of US dollars; otherwise you may have to pay twice in terms of exchange fees. However, you may find that some banks are reluctant to cash them. American Express cheques are usually more readily accepted than other types.
You can also use a credit card, but you may be charged a fee for this, depending on the size of the shop or business you are in: the smaller the shop, the more likely they are to charge. Debit cards which have a credit card symbol such as Visa can also be used.
The economic crisis that has hit Argentine for the last few years has left many people living in poverty or on the edges of poverty and this has led to a dramatic rise in petty crime.
Tourists are often viewed as 'fair game' in terms of being easy to rip off or steal from. Usually these incidents are not violent, just pickpocketing or bag snatching, but it can be fairly inconvenient if you end up losing everything.
Tourists are advised that they should not look too conspicuous, in particular when using public transport.
In Buenos Aires, there are some areas that are considered to be quite unsafe, especially at night. These are La Boca and some of the areas of Manserrat. ATM machines should either be used during the day, or only in the very busy areas at night (if they are well lit and not located on a side street).
However, the crime rate in Argentine is not a major concern, if you simply take basic precautions of being sensible and take care to ensure the security of your valuables. Increasingly mobile phones and digital cameras are also viewed as being interesting to thieves, so be wary at all times and then you should be quite safe.
The government is very keen to ensure that tourism in Argentine flourishes, so there is quite a heavy police presence in Buenos Aires, but in some of the other cities, there are fewer visible signs of police.
In Buenos Aires tourists are advised that they should not hail taxis when you are out and about: instead use a radio taxi.
In the larger cities, you may be approached by someone who will pass you a card. It may have some quaint saying, photo or a horoscope on it, but if you take it, then you will be asked for money. Sometimes these hawkers can be a little persistent and slightly rude. So if you don't want any hassle, then simply refuse to accept the card, this just makes it easier to walk away. Often the hawkers will refuse to take it back and will simply ask for money. If this does happen, just pay up (a small note or some coins) and then move on.
Due to the fact that the peso is so weak and has been weak for some time, Argentine offers really good value for money.
Eating out (and drinking) is quite cheap, particularly compared to Europe and UK prices. So, if you are on a limited budget, you will still be able to eat and drink well and if your budget is not limited, then you will be able to have an even better time!
Beef is a real staple in the Argentinean diet and you will find it very easy to eat exceptionally good beef for an extremely good price and they cook it in some very palatable ways.
The Argentineans love 'Yerba Mate' which is a type of tea. It is not a drug but is a relaxant and is often called the friendship tea, due to the fact that it helps relax people and then they sit and chat and just have a good time. So make sure that you indulge a little in this practice. It is perfectly safe, non-alcoholic and is not illegal. It is also very cheap, so everyone can enjoy it.
Travel throughout Argentine is also quite inexpensive and if you have travelled all the way to South America, then it is best to see a little of the whole country, rather than just the cities.
Argentine is a very big country and it has a lot to offer. There is the hustle and bustle of Buenos Aires and all that this very vibrant city ahs to offer. But there are pockets of beautiful countryside, lush areas of wine producing regions, rainforests, deserts and of course the spectacular Iguacu Falls, which are a real natural wonder of the world and should be viewed. They are much less commercial than Niagara Falls and are a really breathtaking sight.
Or you can travel to Mendoza, the most amazing place for wine. Its wines are well respected throughout the world and it is a great way of seeing another side of Argentine.
The Argentinean people are generally friendly and welcoming (perhaps as a result of the Yerba Mate tea). They are remarkably laid back, which translates into nothing ever happening on time and what is more, no one cares, so just relax into this way of life and enjoy it, otherwise, it will potentially really annoy you.
In addition, the issue of the Falklands (the Malvinas as they are known in Argentine) is still a relatively sensitive one in Argentine. They do not like to be reminded that Britain 'won' the Falklands war. Nor do they appreciate discussing the issue of who should actually have 'control' of the Falklands. They can also be sensitive about the oil reserves that may be located in the seas off the Falklands. So these topics should be avoided and if someone seems keen to discuss the issue, be sensitive, sine others in the vicinity may also engage in the discussion.
Generally, they are also very sensitive about anyone criticising their national dish i.e beef, so even if you don't like a particular beef dish, be constructive and a little diplomatic when giving feedback.
Argentine is not a typical tourist destination for people from Europe and the UK, which makes it a really exciting destination, because it is relatively unknown to many people in the western world.
It has a very distinct atmosphere and the people are so laid back and relaxed, that it is very hard not to simply relax and enjoy your stay.
And with the peso so weak, not only will tourists and visitors benefit, but more tourist will bring some much needed money into the economy: everyone is therefore a winner, but the tourist is probably the real winner- since this can be a real trip of a lifetime.
http://en.wikipedia.org/wiki/Argentine_peso
http://www.argentine-embassy-uk.org