Paraguay 1907 - 100 Pesos with 1912 State Overprint (Pick 134, Base Pick 159)
This makes the note a key witness to the difference between ordinary bank circulation and government-backed emergency validation. The original 1907 design already carried the important value clause “Moneda Nacional ó Diez Pesos Oro Sellado,” linking the 100 Pesos paper denomination to a gold-referenced monetary formula. In the unstable economy of 1912, that wording gained renewed importance. The state overprint did not erase the old Banco de la República identity; it layered new public authority on top of it. The result was a hybrid instrument: a 1907 Waterlow & Sons banknote, still visibly carrying its original bank design and gold-value language, but now formally brought under the 1912 state emission. Read more →