Description and research notes
Archival specimen of the 1907 Banco de la República 100 Pesos (base Pick 159) carrying the fiscal overprint 'Emisión del Estado – 11 de Enero de 1912' not only on the face but also on the reverse. This dual-side application is extremely unusual for Paraguayan emergency issues and is absent from the standard Pick 134 state overprints. The reverse bears an additional departmental validation 'Departamento de Hacienda – Junta Fiscalizadora', applied in heavy black ink per the decree of 20 May 1912. Together, these markings testify to the extraordinary fiscal measures taken during the 1912 reform, when older stocks were hastily revalidated to stabilize the currency.
Printed by Waterlow & Sons, London, the note retains the full 1907 design with its ornate guilloche and central building vignette, but the dual overprints elevate it to near-unique archival status. Certified PMG 64 Choice Uncirculated, it survives without the heavy circulation wear typical of issued counterparts. The presence of overprint on both sides marks this as one of the rarest variants known, a true keystone for advanced Southern Cone collections and a unique window into Paraguay’s emergency monetary policy.