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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 design itself remains one of the finest Waterlow & Sons productions for Paraguay. The face combines a yellow-green tint field with dark intaglio borders, large corner denomination tablets, and the architectural vignette of the Banco de la República building. The engraved security work is dense and elegant, with layered guilloché patterns, scrollwork, and ornamental side panels framing the central promise-to-pay text. The reverse, with its large mirrored denomination panels and circular national emblem, becomes even more important on this variety because the Treasury overprint was placed directly across the center, turning the back from a purely decorative security design into an official fiscal record. 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 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 face design remains one of the most impressive Waterlow & Sons productions for Paraguay. A broad yellow-green tint field supports a dense black intaglio framework, with large corner denomination panels, elaborate guilloché work, floral and scroll ornaments, and a central architectural vignette of the Banco de la República building. The red serial number, large Series A panel, and engraved promise-to-pay text are all preserved beneath the heavy black state overprint. The overprint itself crosses the national emblem and central vignette with striking authority, making the political intervention visually inseparable from the original banknote design. Read more →

ParaguayOverprint Issue1907100 PesosPMG 65 EPQ Gem Uncirculated (Top Pop) Overprint Issue100 PesosPick 134Pick 159Base Pick 159State OverprintSingle-Side OverprintFace OverprintProvisionalEmergency State IssueFiscal RevalidationGovernment RevalidationWaterlow & SonsBanco de la RepúblicaEmisión del EstadoLey de 11 de Enero de 1912Moneda NacionalDiez Pesos Oro SelladoGold-Value ClauseSeries ARed Serial NumberBlack Oval OverprintArchitectural VignetteGuilloché Security DesignParaguayan Emergency Issues1912 ReformParaguayan Civil War PeriodSouth American Monetary HistoryEarly 20th Century FinanceEmergency CurrencyOverprint VarietiesState LiabilityCurrency RevalidationParaguayRepublic of Paraguay19071912PMG 65 EPQGem UncirculatedTop PopMuseum GradeR7 Extremely RareHistory
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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)

The design is a strong example of Waterlow & Sons security engraving for South America in the early twentieth century. The face combines a yellow-green tint field with dense black intaglio work, broad ornamental side panels, large corner denomination tablets, and a central architectural vignette of the Banco de la República building. The engraved promise-to-pay wording, red serial number, Series A panel, and formal signature arrangement give the note a deeply institutional character. The reverse, built around elaborate guilloché rosettes, large denomination panels, and the national emblem, displays the same technical precision and decorative density that made Waterlow issues widely respected across Latin America. Read more →

ParaguayIssued Note1907100 PesosPMG 66 EPQ Gem Uncirculated Issued Note100 PesosPick 159Banco de la RepúblicaBase TypeNon-Overprinted IssueOriginal IssueSeries ARed Serial NumberWaterlow & SonsWaterlow & Sons London100 WatermarkWmk 100Architectural VignetteBanco de la República BuildingGuilloché Security DesignIntaglio PrintingYellow-Green TintBlack EngravingLarge Denomination PanelsMoneda NacionalDiez Pesos Oro SelladoGold-Value ClauseTen Sealed Gold PesosBase for 1912 State OverprintBase for Pick 134Base for Dual-Side Treasury RevalidationParaguayan Monetary HistorySouth American Monetary HistoryEarly 20th Century FinancePre-1912 Emergency IssueReference TypeCurrency Reform ContextHistoryParaguayRepublic of Paraguay19071912PMG 66 EPQGem UncirculatedMuseum Grade
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El Salvador 1997 25 Colones issued note Pick 149a by De La Rue featuring Pirámide de San Andrés and national emblem

El Salvador 1997 - 25 Colones Issued Note (Pick 149a)

This note inaugurated El Salvador’s final banknote generation prior to dollarization (2001), combining modern color engraving with refined microsecurity. The face shows the archaeological pyramid and national emblem, while the reverse features agricultural motifs referencing national productivity and export economy. Read more →

El SalvadorIssued Note199725 ColonesRaw (Uncertified) El SalvadorIssued Note25 ColonesPick 149aPick 1491997De La RuePirámide de San AndrésBanco Central de ReservaPre-Dollarization
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New Zealand 1934 Reserve Bank of New Zealand 10 Shillings photographic face proof Pick 154p showing kiwi vignette and portrait of Maori King Tawhiao

New Zealand 1934 - The Reserve Bank of New Zealand 10 Shillings Photographic Face Proof (Pick 154p)

The composition of the note combines national symbolism with landscape imagery characteristic of early twentieth-century Commonwealth banknote design. At left appears the kiwi, New Zealand’s endemic flightless bird and enduring national emblem. At center stands the New Zealand coat of arms supported by allegorical figures, reinforcing the authority of the state and the legitimacy of the new central bank. At right is the portrait of Tāwhiao, the second Māori King, whose presence reflects the historical importance of the Māori King Movement within New Zealand society. Read more →

New ZealandPhotographic Proof193410 ShillingsPCGS 64 Very Choice New Photographic ProofFace ProofEngraving ProofArchival ProofLefeaux SeriesReserve Bank First IssueReserve Bank Act 1933Leslie LefeauxKiwi VignetteMaori King TawhiaoNew Zealand Coat of ArmsNew Zealand193410 ShillingsPick 154pPick 154PCGS 64Very Choice NewMuseum GradeR8 Extremely Rare
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Poland 1919 Bank Polski 100 Zlotych issued note, series S.B. and serial 5482263, featuring Tadeusz Kosciuszko and printed by Waterlow and Sons Limited in London.

Poland 1919 - Bank Polski 100 Zlotych Serial S.B. 5482263 Issued Note (Pick 57)

The reverse is dominated by a crowned Polish White Eagle placed within a large central ornamental frame. The national emblem expresses the re-established sovereignty of the Polish Republic, while the surrounding denomination devices and detailed security engraving reinforce the note's function as one of the principal high-value denominations of the new currency. The reverse also carries the statutory warning that counterfeiting the notes or knowingly circulating forged examples was punishable by severe imprisonment. Read more →

PolandIssued Note1919100 ZlotychPMG 58 EPQ Choice About Uncirculated Issued NoteBank Polski100 ZlotychSeries S.B.Serial 5482263First Zloty IssueTadeusz KosciuszkoKosciuszko PortraitTadeusz Kosciuszko WatermarkPortrait WatermarkCrowned Polish White EaglePolish White EagleNational SymbolismStanislaw KarpinskiZygmunt ChamiecMarian KarpusBank Polski SignaturesGrabski Currency ReformWladyslaw GrabskiPolish Monetary ReformRestoration of the ZlotyPost-Independence CurrencyReleased 28 April 1924Waterlow & Sons LimitedWaterlow & SonsLondon PrintingBritish Security PrintingEngraved BanknoteGuilloche DesignAcanthus OrnamentMulticolour UnderprintSecurity Printing History172 x 103 mmPolandPoland 1919Second Polish RepublicSecond Polish Republic Currency19191924Pick 57Milczak 53PMG 58 EPQEPQChoice About UncirculatedMuseum GradeR7 Extremely Rare
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Poland 1988 50 Zlotych banknote prefix HK0082865 featuring the portrait of Karol Swierczewski, graded PMG 68 EPQ Superb Gem Uncirculated

Poland 1988 - 50 Zlotych Prefix HK Issued Note (Pick 142c)

The obverse presents the portrait of General Karol Świerczewski, a military figure associated with the communist period of Polish history. His portrait is rendered in detailed intaglio engraving and surrounded by a complex network of offset guilloche patterns designed both for aesthetic balance and security. The large open watermark field at left contains the 'Eagle Arms' watermark, a stylized representation of Poland’s national emblem embedded into the paper during manufacture. Read more →

PolandIssued Note198850 ZłotychPMG 68 EPQ Superb Gem Uncirculated Issued NoteKarol Swierczewski PortraitEagle Arms WatermarkIntaglio EngravingOffset Security PrintingNarodowy Bank PolskiPolska Wytwornia Papierow WartosciowychPWPW Security PrintingLate PRL BanknotesPrefix HKSerial HK00828651988 Series50 ZlotychPick 142cCM165CM166CM167CM168CM169CM170Poland1988PMG 68 EPQSuperb Gem UncirculatedMuseum 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 design remains a finely engraved Waterlow & Sons production. The face presents the title “República del Paraguay” above the ornate Banco de la República lettering, with large 5 Pesos denomination devices, intricate guilloché fields, pale blue underprinting, a red serial number, and the national emblem at center. The layout is smaller than the 100 Pesos type but no less sophisticated, using dense security engraving, layered ornamental panels, and sharply defined denomination counters to create a formal and highly secure banknote design. Read more →

ParaguayDual-Side Overprint Issue19075 PesosUncirculated Dual-Side Overprint Issue5 PesosPick UnlistedPick 156Base Pick 156OverprintState OverprintTreasury OverprintDual-Side OverprintFace OverprintReverse OverprintProvisionalEmergency State IssueFiscal RevalidationTreasury RevalidationGovernment RevalidationWaterlow & SonsWaterlow & Sons LondonBanco de la RepúblicaEmisión del EstadoLey de 11 de Enero de 1912Departamento de HaciendaJunta FiscalizadoraConforme Decreto de 20 de Mayo 1912Moneda NacionalCincuenta Centavos Oro SelladoGold-Value ClauseSeries ARed Serial NumberBlack Oval OverprintReverse Treasury ValidationGuilloché Security DesignIntaglio PrintingParaguayan Emergency Issues1912 ReformParaguayan Civil War PeriodSouth American Monetary HistoryEarly 20th Century FinanceEmergency CurrencyOverprint VarietiesState LiabilityTreasury VerificationCurrency RevalidationPublic Finance HistoryHistoryParaguayRepublic of Paraguay19071912UncirculatedMuseum GradeR9 Extremely Rare
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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)

The visual impact of the overprint is strong. The black oval state stamp crosses the center of the note, directly over the national emblem and the ornate Banco de la República title. It interrupts the original Waterlow engraving in a way that is historically meaningful rather than merely visual. The old banknote design remains fully visible, but it is now dominated by the emergency authority of the state. This is exactly what makes the 1912 overprint issues so important: they are not new notes, but old obligations visibly converted into public emergency currency. Read more →

ParaguayOverprint Issue19075 PesosPMG 64 Choice Uncirculated Overprint Issue5 PesosPick 127Pick 156Base Pick 156State OverprintSingle-Side OverprintFace OverprintProvisionalEmergency State IssueFiscal RevalidationGovernment RevalidationWaterlow & SonsWaterlow & Sons LondonBanco de la RepúblicaEmisión del EstadoLey de 11 de Enero de 1912Moneda NacionalCincuenta Centavos Oro SelladoGold-Value ClauseSeries ARed Serial NumberBlack Oval OverprintGuilloché Security DesignIntaglio PrintingBlue UnderprintBrown ReverseNational EmblemParaguayan Emergency Issues1912 ReformParaguayan Civil War PeriodSouth American Monetary HistoryEarly 20th Century FinanceEmergency CurrencyOverprint VarietiesState LiabilityCurrency RevalidationPublic Finance HistoryHistoryParaguayRepublic of Paraguay19071912PMG 64Choice UncirculatedMuseum GradeR7 Extremely Rare
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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)

The reverse, printed in brown, is built around a balanced arrangement of large denomination medallions and the national emblem of Paraguay. The central arms, wreath, and star are surrounded by fine guilloché work and ornamental rosettes, with the Waterlow & Sons imprint placed along the lower design. This reverse becomes especially important when compared with the dual-side revalidated variety, because the later Treasury overprint was placed directly over this brown security design. On the present issued note, the reverse remains undisturbed, showing the original artwork before it was converted into a fiscal validation surface. Read more →

ParaguayIssued Note19075 PesosPMG 65 EPQ Gem Uncirculated Issued Note5 PesosPick 156Banco de la RepúblicaBase TypeNon-Overprinted IssueOriginal IssueSeries ARed Serial NumberWaterlow & SonsWaterlow & Sons London5 WatermarkWatermark 5Allegorical PortraitFemale PortraitGuilloché Security DesignIntaglio PrintingBlue UnderprintBrown ReverseNational EmblemLarge Denomination PanelsMoneda NacionalCincuenta Centavos Oro SelladoGold-Value ClauseHalf Peso OroBase for 1912 State OverprintBase for Pick 127Base for Dual-Side Treasury RevalidationParaguayan Monetary HistorySouth American Monetary HistoryEarly 20th Century FinancePre-1912 Emergency IssueReference TypeCurrency Reform ContextHistoryParaguayRepublic of Paraguay19071912PMG 65 EPQGem UncirculatedExceptional Paper QualityMuseum GradeR7 Extremely Rare
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