100 Pesos Fuertes Caja de Conversión

Paraguay's Caja de Conversión was established in 1907 specifically to stabilize a currency that had been in freefall since the Liberal-Colorado civil war of 1904. The institution was designed as a convertibility board — pesos fuertes were supposed to be backed by metallic reserves — though in practice the arrangement proved difficult to maintain.

Three different signature combinations are documented for this type, reflecting successive changes in the board's administration within a relatively short window. That kind of turnover is worth noting when attributing a specific example to a particular period of issue.