Paraguay 1907 - 100 Pesos with 1912 State Overprint (Pick 134, Base Pick 159)
Compared with the dual-side revalidated specimen variety, this single-face state overprint represents the broader official issue that entered the recognized catalog system. Its role was direct and practical: to validate surviving 1907 Banco de la República notes for renewed use during a moment when the government needed acceptable high-denomination paper immediately. The overprint confirmed state liability and distinguished these notes from unvalidated dormant stock. It was the first and most visible level of emergency confirmation, while the rarer reverse treasury validations represented an additional fiscal-control layer applied to specially verified examples. Read more →