1 Guarani Legislative Palace on reverse

Paraguay's central bank was only established in 1952, replacing the earlier Banco del Paraguay which had managed currency under more chaotic political conditions. By 1963, when this note was issued, the country was a decade into Alfredo Stroessner's dictatorship, and the guaraní itself had been stabilized following a serious 1959–1960 IMF-assisted reform that unified Paraguay's fragmented exchange rate system and redenominated the currency at 100 old guaraníes to one new.

Thomas De La Rue printed the full P#193 series. The two signature positions — differing in where the serial numbers appear — are a catalogued variant, not an error.