5 Pesos Fuertes Caja de Conversión

Paraguay's Caja de Conversión was established in 1907 specifically to stabilize the peso fuerte after decades of postwar monetary chaos — the country had not fully recovered economically from the War of the Triple Alliance, which ended in 1870 and left Paraguay demographically and financially devastated. The conversion house issued notes backed, in theory, by gold and foreign exchange reserves, though in practice those reserves were thin from the outset.

ABNC engraving is typically crisp on first-issue examples; later printings of this series are known to show plate wear on the fine-line border work.