LECOP
The LECOP was a bond issued by Argentine national government. LECOP, stands for Letra de Cancelación de Obligaciones Provinciales.
These bonds were circulated at a substantial discount from their face value, so anybody accepting was bound to experience devaluation. While LECOPs were intended as a means to replace legal currency 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.
