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These claims on banks can act as money because they are negotiable or repayable on demand, and hence valued at par.
It was valued at par with the French franc, and French coins and banknotes circulated alongside local issues.
Warren K. Greene, the president of the fund, said many of his bonds that had been trading as low as 50 cents on the dollar as recently as December were now valued at par.
Issued in denominations from one to 100 and officially valued at par with the dollar, the scrip was quickly renamed with a slang term, meaning something like wampum, used by a character in a comic book popular with generations of Argentines.
Wörterbuch für Wirtschaftswissenschaft