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100 Pesos Fuertes Oficina de Cambios

Issuer Oficina de Cambios del Paraguay
Year 1923
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Currency Peso (1856-1944)
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Obverse description Black intaglio print on multicolour guilloche underprint. A central vignette presents the Guairá Falls (Salto del Guairá) in a detailed landscape engraving. The face bears the full statutory text authorising the note under Laws No. 463 of 1920 and No. 550 of 1923, with the denomination numeral 100 repeated in the corners and five signature varieties recorded for this issue.
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Reverse description Printed in blue. A central allegorical female head vignette is flanked at left by the Paraguayan Coat of Arms rendered with star and flags motif. The denomination numeral 100 appears within the design alongside the country title.
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The Oficina de Cambios — Paraguay's exchange office rather than a central bank — was the issuing authority here, a distinction that reflects how underdeveloped the country's formal banking infrastructure remained into the 1920s. Five different signature combinations are recorded for this single type, all sharing Mariano B. Moreschi in one position, suggesting a stable senior official working alongside a rotating cast of junior signatories — likely reflecting staff turnover or overlapping terms across the note's circulation life.

Justo Pastor Benítez, one of the countersigning officials, was a significant Paraguayan intellectual and diplomat who later became a prominent biographer of José Gaspar Rodríguez de Francia.

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