The Argentine peso ley was the initial currency of Argentina before it was replaced by the Argentine peso. The term ley means "law" in Spanish, which signifies that it was issued under the government's legislation. The currency is also known as the "Argentine peso convertible" because it was pegged to the US dollar at a fixed exchange rate. Some synonyms for Argentine peso ley include the "old Argentine peso," "convertible peso," and "pre-peso," as it preceded the current Argentine peso. Despite being phased out, the peso ley is still recognized and can be exchanged at some banks in Argentina.