Description and research notes
Archival specimen of the 1907 Banco de la República 100 Pesos (base Pick 159) bearing the emergency overprint 'Emisión del Estado – 11 de Enero de 1912' applied to both face and reverse — a dual-side validation highly unusual for Paraguay’s fiscal issues. Additionally, the note carries the departmental counterstamp 'Departamento de Hacienda – Junta Fiscalizadora' in heavy black ink, confirming its dual-signature fiscal authorization per the decree of 20 May 1912.
This overprint configuration diverges from the standard 1912 state revalidations (Pick 134) by combining both governmental and fiscal signatures on opposite sides, creating one of the rarest identifiable archival variants of the period. The overprint documents Paraguay’s improvised 1912 currency reform, when dormant Banco de la República stocks were hastily legitimized for renewed issue.
Printed by Waterlow & Sons, London, the note retains its 1907 guilloché and architectural vignette design in deep intaglio. Certified PMG 64 Choice Uncirculated, it shows sharp inks, strong paper wave, and no handling folds — extraordinary preservation for a fiscal specimen that bridges the 1907 and 1912 issue systems. Among recorded specimens, dual-signature, dual-side overprints are virtually unique, marking this as a crown piece within Paraguayan emergency paper money.