10 Pesos

Banco López was a private commercial bank operating out of Asunción, and its note-issuing activity places it squarely within Paraguay's era of privately chartered banking that persisted until the Banco de la República absorbed most monetary functions through the 1920s. The American Bank Note Company supplied a large share of Latin American private bank paper during this period, and the quality of engraving and cotton stock they provided often exceeded what state institutions in the region could commission locally.

The S-prefix in the Pick reference indicates semi-official or private issue status — not a government obligation, but accepted in commercial transactions where Banco López had sufficient local standing.