Paraguay 1907 - Banco de la República 5 Pesos Issued Note (Pick 156)
The issued Pick 156 also provides the clearest visual comparison for the 1912 overprinted notes. On the single-side Pick 127 issue, the face overprint crosses the central portrait and title, visibly placing state authority over the original banknote. On the dual-side Pick Unlisted variety, the reverse overprint adds the Departamento de Hacienda and Junta Fiscalizadora layer and repeats the “Cincuenta Centavos Oro Sellado” value formula. Without the issued note, those later interventions can be misunderstood as isolated markings. With the issued note present, the full sequence becomes clear: Paraguay first had a refined Banco de la República note, then turned surviving stock into emergency state currency, and in special cases added further Treasury control. Read more →