100 000 Guaranies

Pick 237 belongs to the high-denomination end of a series introduced as Paraguay's inflation-adjusted response to decades of currency erosion — the 100,000 Guaraní note was worth roughly $23 USD at issue, a figure that illustrates just how far the Guaraní had traveled since its introduction in 1944. The dual printer credit — Crane Currency handling the security substrate and Royal Joh. Enschedé the final printing — reflects a supply arrangement common to several Latin American central banks during this period, splitting substrate production from surface printing across two specialist firms.

Enschedé's involvement in Paraguayan notes stretches back considerably further than this series, giving them a long institutional familiarity with the specifications.