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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 significance of the reverse overprint is especially important. The original 1907 note already carried the monetary clause “Moneda Nacional ó Diez Pesos Oro Sellado,” meaning that the 100 Pesos paper denomination was legally associated with a value formula of ten sealed gold pesos. During the monetary and political emergency of 1912, this wording became more than decorative text. The state needed a way to distinguish selected, officially reviewed notes from the unstable mass of paper circulating in a damaged economy. The second, reverse overprint did exactly that: it reaffirmed the gold-denominated language of the base note and placed the note under the authority of the Treasury’s fiscal inspection board. Read more →

ParaguayOverprint Specimen1907100 PesosPMG 64 Choice Uncirculated Specimen100 PesosPick UnlistedPick 159OverprintState OverprintTreasury OverprintDual-Side OverprintDual-Signature OverprintProvisionalFiscal RevalidationTreasury RevalidationEmergency State IssueParaguayan Emergency Issues1912 ReformJanuary 11 1912 State EmissionMay 20 1912 DecreeBanco de la RepúblicaDepartamento de HaciendaJunta FiscalizadoraEmisión del EstadoDiez Pesos Oro SelladoGold-Value ReaffirmationWaterlow & SonsSouth American Monetary HistoryEarly 20th Century FinanceGovernment RevalidationOverprint VarietiesParaguay19071912PMG 64Choice UncirculatedMuseum GradeR9 Extremely RareUnique
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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.

Gold-Value Clause
Paraguay 1907 100 Pesos Banco de la República note with 1912 Emisión del Estado state overprint on the face, Pick 134, base Pick 159, printed by Waterlow & Sons, London, PMG 65 EPQ Gem Uncirculated Top Pop

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.

Gold-Value Clause
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)

At the center of its importance is the monetary clause printed on the face: “Moneda Nacional ó Diez Pesos Oro Sellado.” This wording gave the 100 Pesos paper denomination a formal relationship to ten sealed gold pesos. In 1907, that phrase belonged to the legal and monetary structure of the original Banco de la República issue. By 1912, during Paraguay’s political and fiscal crisis, the same phrase became central to the meaning of the emergency overprints. The government’s later overprinted notes did not invent the gold-value language; they reactivated and reaffirmed language already present on this base issue.

Gold-Value Clause Ten Sealed Gold Pesos
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