The LECOP was a bond issued by Argentine national government. LECOP , stands for Letra de Cancelacion 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 Credito, the Patacon and the Argentino.
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article LECOP