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Many American tourists visiting Argentina exchange USD to Argentinian pesos not at ATMs, but on the black market. They do so for pragmatic reasons. Let's say in ATM they get 8 pesos for $1 and if you stroll Florida in Buenos Aires you will see people offering you 12 pesos for $1. So many people decide just to get more money for their buck.
Some shops and restaurants have prices in USD $ and you can make your calculations what would be better for you. From what we know $50 bills get the best rate on the black market and they don't want anything lower than $20 bills. You can google 'Blue dollar' . Also there is a twitter account that publishes 'unofficial' rate. See https://twitter.com/dolarblue
And again, if you decide on doing exchange on the black market there are risks that you can be cheated.
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