3 Pesos Red stamp "TERCERA SÉRIE"

Paraguay's wartime treasury notes from this period were produced entirely within the besieged country during the War of the Triple Alliance — a conflict that had, by 1868, reduced the national population to a fraction of its prewar size and left Asunción increasingly isolated. The state print operation functioned under extreme material scarcity, which shows in the crude typography and inconsistent inking common across the series.

The red "TERCERA SÉRIE" overprint distinguishes this emission from earlier issues as the government attempted to track successive print runs without access to new plate designs. Francisco Solano López's administration continued issuing paper currency almost until the final months of the war, despite its negligible acceptance outside forced circulation.