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The 500 peso bill is not valid.
The highest denomination is the 100 peso bill.
To see Argentina's Central Bank website: http://www.bcra.gov.ar/ and click on the left side menu under "Billetes y Monedas" and then on "emisiones vigentes".
These Argentine Pesos have been in circulation since 1990.
Before that there were other "older" pesos (Peso Moneda Nacional, Peso Ley 18188, Peso Argentino) which are no longer valid, as well as the "Austral" (1985-1989). Collect them if you please but you can't buy anything with them.
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No. I don't believe it still is.
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