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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)

This does not mean the overprint magically protected the note from all market inflation in ordinary daily commerce. Rather, it shows a far more precise administrative purpose. The face overprint asserted state liability by converting the dormant Banco de la República obligation into an emergency state-recognized issue. The reverse overprint added treasury verification, confirming that this specific note had passed through the Departamento de Hacienda and the Junta Fiscalizadora under the decree of 20 May 1912. In practical terms, the dual-side overprint created a stronger and more official instrument than the ordinary single-overprint examples: a note whose validity, origin, and fiscal authorization were visibly confirmed on both sides. 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 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.

Ley de 11 de Enero de 1912 Conforme Decreto de 20 de Mayo 1912 1912 Reform Early 20th Century Finance 1912
Paraguay 1907 Banco de la República 5 Pesos with 1912 Emisión del Estado state overprint on the face, Pick 127, base Pick 156, printed by Waterlow & Sons, London, PMG 64 Choice Uncirculated

Paraguay 1907 - Banco de la República 5 Pesos with 1912 State Overprint (Pick 127, Base Pick 156)

Compared with the dual-side 5 Pesos revalidation variety, this Pick 127 example represents the first and standard level of official confirmation. The face overprint established the note as part of the January 1912 state emission. The rarer dual-side example added a second reverse validation from the Departamento de Hacienda and Junta Fiscalizadora under the decree of 20 May 1912. This makes the present note essential to the hierarchy: it shows the normal cataloged state-revalidated issue, while the dual-side note shows the additional Treasury-supervised fiscal layer.

Ley de 11 de Enero de 1912 1912 Reform Early 20th Century Finance 1912
Paraguay 1907 Banco de la República 5 Pesos issued note, Pick 156, original non-overprinted base type later used for the 1912 state overprint Pick 127 and the dual-side Treasury revalidation variety, printed by Waterlow & Sons, London, with 5 watermark and Moneda Nacional ó Cincuenta Centavos Oro Sellado clause, PMG 65 EPQ Gem Uncirculated

Paraguay 1907 - Banco de la República 5 Pesos Issued Note (Pick 156)

This note is the foundation of the entire 5 Pesos 1907 to 1912 revalidation group. The cataloged 1912 state overprint issue, Pick 127, was created directly by applying the January 1912 state-emission overprint to this Pick 156 base design. The rarer dual-side state and Treasury revalidation variety also uses this same Pick 156 foundation, but adds both the face state overprint and the reverse “Departamento de Hacienda – Junta Fiscalizadora” validation under the decree of 20 May 1912. This issued Pick 156 therefore stands as the clean reference point for the whole administrative ladder: original bank obligation, state-revalidated issue, and Treasury-fiscalized issue.

Base for 1912 State Overprint Early 20th Century Finance Pre-1912 Emergency Issue 1912
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