5 Guaranies Overprint on P#169

Paraguay's 1943 series emerged during a period of acute fiscal pressure following the Chaco War, which had drained the republic's reserves and forced a prolonged restructuring of the currency supply. Rather than commission an entirely new printing, the Banco de la República applied a 5 Guaraníes overprint to existing P#169 stock — a practical economy that Waterlow & Sons had already accommodated in their plate logistics for the region.

Overprint issues of this type tend to show adhesion ghosting on the reverse where the impression pressed through. Worth checking on any example.