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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 signatures of Matias Reina and Santiago Ozcariz place this note firmly within the earliest Treasury operation. Their handwritten authority, together with the individually entered serial details, gives the piece the character of a manually controlled government obligation rather than a standardized later issue. The compact setting of the phrase al portador, the open character of the lettering, the uneven impression, and the broad handwritten style separate this first-issue note from the later 1862 to 1865 wartime restrikes and re-lithographed types. 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 importance of this note lies in the second, reverse-side overprint. The face stamp alone identified a note as part of the 1912 state emission, but the reverse validation added a further administrative layer. It showed that the note had not merely been converted from old Banco de la República stock into emergency state currency, but had also passed through Treasury supervision under the Departamento de Hacienda and the Junta Fiscalizadora. That second mark connected the note to fiscal inspection, public-account control, and the official decree of 20 May 1912.

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.

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)

The 1912 overprint was not a decorative or routine bank marking. It was an emergency act of monetary authority. Paraguay entered 1912 under severe political and fiscal pressure, with civil unrest, weakened banking confidence, and a shortage of reliable circulating paper. Rather than waiting for an entirely new currency series to be prepared, the government turned to existing Banco de la República stocks and converted them into state-recognized obligations by means of a direct overprint. The oval “Emisión del Estado” stamp announced that the note was no longer merely an earlier bank issue, but had been accepted into the emergency monetary structure of the state.

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