Description and research notes
Provisional issue created on base Pick 159 during Paraguay’s sweeping 1912 monetary reform. The bold oval 'Emisión del Estado – 11 de Enero de 1912' was applied in official black ink to validate existing 1907 stock. These overprints served as stop-gap currency while new designs were prepared, making them both historically and fiscally important. Surviving issued notes are usually heavily worn, having circulated extensively; very few have been certified in higher grades. This note represents the pinnacle of the population report: PMG 65 EPQ, Top Pop, with exceptional paper quality and crisp strike. As the definitive overprint issue, it is the recognized catalogued type (Pick 134) and stands as a cornerstone rarity for early Paraguayan paper money.