In 1879, owing to the continued depreciation of silver, the free coinage of silver was suspended.
As on previous occasions, the great depreciation in the value of the currency has led to a repudiation of part of its nominal value.
This depreciation reached its maximum in October 1891 ($460.82 paper for $100 gold), and remained between that figure and $264 during the next six years.
The consequence of these further issues was instant depreciation, and the note of Too francs nominal value sank to less than 20 francs coin.
Through the rapid depreciation of Argentine credit, the great firm of Baring Brothers, the financial agents of the government in London, became so heavily involved that they were forced into liquidation, November 1890.