re: The Argentinian peso is worthless that people are selling the metals in $2 coins for $12

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My math might be off, but that doesn't sound worthless to me. What am I missing?

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The Argentine currency has experienced severe inflation, with periods of hyperinflation, since the mid-20th century, with periodic change of the currency to a new version at a rate ranging from 100:1 to 10,000:1. A new peso introduced in 1992 was worth 10,000,000,000,000 (ten trillion) of the pesos in use until 1970. Since the early 21st century, the Argentine peso has experienced further substantial inflation, reaching 102.5% year-on-year in February 2023, the highest since the current peso was introduced in the Convertibility plan of 1991.[2] The official exchange rate for the United States dollar valued the new peso at one US dollar at its introduction in 1992; it then dropped, hovering around 3:1 from 2002 to 2008, dropping from 6:1 to 10:1 between 2009 and 2015, and continuing to drop. On 25 April 2023 the official government exchange rate was ARS$222 to one US dollar;[3] the unregulated rate valued the peso at less than half the official exchange rate, with ARS$460 to one US dollar.[4] There are sometimes multiple official exchange rates for different purposes such as supporting exporters.

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We got massages yesterday. $30 total for two people for an hour long massage.

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