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Paraguay 1856 2 Reales Tesoro Nacional Treasury Note, earliest national paper money of Paraguay, signed by Matias Reina and Santiago Ozcariz, Pick Unlisted and attributed as Miguel Pratt MC14.

Paraguay 1856 - Tesoro Nacional 2 Reales Treasury Note, Earliest National Paper Money (Pick Unlisted, Miguel Pratt MC14)

The note was printed locally in Asuncion on thin handmade paper at a time when Paraguay still lacked the industrial printing infrastructure available to larger South American economies. Its design is direct, primitive, and historically powerful: the national seal with the lion and liberty cap occupies the central field, ornamental borders frame the obligation, and the denomination appears in large numerals at each side. The reverse is blank, consistent with the earliest local production method before more developed dual-side printing and imported paper became part of later Paraguayan note production. Read more →

ParaguayTreasury Note18562 RealesUncertified Very Fine Original, Blank Reverse 2 RealesTreasury NoteTesoro Nacional Treasury NoteEarliest National Paper MoneyFirst IssueHandsignedBlank ReversePrimitive LithographyThin Handmade PaperTesoro NacionalCarlos Antonio LopezMatias ReinaSantiago OzcarizAsuncion PrintingParaguayan Monetary OriginsEarly National PaperSouth American Fiscal HistoryWar of the Triple AllianceHistoryParaguay1856Pick UnlistedMiguel Pratt MC14R10 UniqueR10Unique Known ExampleMuseum Grade
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Paraguay 1907 Banco de la República 5 Pesos with 1912 dual-side state and Treasury revalidation overprint, Pick Unlisted, base Pick 156, showing Emisión del Estado on the face and Departamento de Hacienda Junta Fiscalizadora Cincuenta Centavos Oro Sellado validation on the reverse, printed by Waterlow & Sons, London, raw uncirculated

Paraguay 1907 - Banco de la República 5 Pesos with 1912 Dual-Side State and Treasury Revalidation Overprint (Pick Unlisted, Base Pick 156)

The original Pick 156 design already carried the monetary clause “Moneda Nacional ó Cincuenta Centavos Oro Sellado,” meaning that the 5 Pesos paper denomination was legally associated with fifty centavos in sealed gold value. During the monetary instability of 1912, this phrase became more than a printed value formula. It gave the government a pre-existing legal and monetary reference point that could be reaffirmed through emergency overprinting. The reverse Treasury stamp is especially meaningful because it repeats the gold-value language directly, making the fiscal validation not just an ownership or issue mark, but a visible reaffirmation of the note’s official value status.

Intaglio Printing
Paraguay 1907 100 Pesos Banco de la República specimen with 1912 dual-side state and treasury fiscal revalidation overprint, including Emisión del Estado on the face and Departamento de Hacienda Junta Fiscalizadora Diez Pesos Oro Sellado validation on the reverse, base Pick 159, Pick Unlisted, PMG 64 Choice Uncirculated

Paraguay 1907 - 100 Pesos with 1912 Dual-Side State and Treasury Revalidation Overprint Specimen (Pick Unlisted)

The timing explains why such a process mattered. Paraguay in 1912 was facing political disorder, fiscal weakness, and the disruptive effects of civil conflict. The government did not have the luxury of designing and printing a completely new currency system from scratch. Instead, it relied on existing Banco de la República stocks and converted them through emergency overprints, decrees, departmental controls, and fiscal counterstamps. These improvised issues were not merely accounting conveniences. They were visible acts of state authority, used to restore confidence, impose control over available paper money, and identify which notes were formally accepted into the public accounts.

Paraguay 1907 Banco de la República 100 Pesos issued note, Pick 159, non-overprinted base type later used for the 1912 state overprint issues, printed by Waterlow & Sons, London, with 100 watermark and Moneda Nacional ó Diez Pesos Oro Sellado clause, PMG 66 EPQ Gem Uncirculated

Paraguay 1907 - Banco de la República 100 Pesos Issued Note (Pick 159)

The note is historically important because it represents the starting point of the entire 1907 to 1912 Paraguayan revalidation story. The later overprinted issues cannot be fully understood without this base note. The 1912 state-overprint issue, cataloged as Pick 134, was created directly on this Pick 159 design, while the still rarer dual-side state and treasury revalidation specimen shows an additional layer of fiscal control applied to the same original type. This issued note therefore serves as the clean benchmark for the whole family: the unaltered Banco de la República obligation before emergency state intervention.

Intaglio Printing
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