Misplaced Pages

LECOP

Article snapshot taken from[REDACTED] with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.
This article does not cite any sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
Find sources: "LECOP" – news · newspapers · books · scholar · JSTOR (December 2009) (Learn how and when to remove this message)

The LECOP was a bond issued by Argentine national government. LECOP (sometimes written as a common word, Lecop), stands for Letra de Cancelación de Obligaciones Provinciales ("Letter of Cancellation of Provincial Obligations").

These bonds were circulated at a substantial discount from their face value, so anybody accepting was bound to experience devaluation (or inflation). 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. Public utility companies generally restricted the percentage acceptable to a 70-30 ratio, sometimes further limiting LECOP usage to 15% of the total bill.

Other complementary currencies in Argentina at that time where the Crédito, the Patacón and the Argentino.


Stub icon

This economic history–related article is a stub. You can help Misplaced Pages by expanding it.

Stub icon

This article about government in Argentina is a stub. You can help Misplaced Pages by expanding it.

This article about exonumia is a stub. You can help Misplaced Pages by expanding it.

Categories:
LECOP Add topic