2 Pesos Fuertes Caja de Conversión

Paraguay's Caja de Conversión was established in 1907 specifically to stabilize the peso fuerte following decades of post-war monetary chaos — the country had never fully recovered financially from the catastrophic losses of the War of the Triple Alliance, which ended in 1870 and killed an estimated majority of the male population. The conversion board was meant to back note issuance with metallic reserves, a discipline that had proved impossible to maintain under previous governments.

ABNC's involvement was typical for South American issuers of this period seeking credibility through association with a reputable foreign printer. The P#117 series was short-lived; Paraguay reorganized its currency system again within a few years.