500 Guaranies Spanish value on reverse

The Guaraní was introduced in 1943 as a replacement for the Peso, with the exchange fixed at 100 Pesos to 1 Guaraní — a redenomination tied closely to the Morínigo government's effort to stabilize an economy battered by the Chaco War's long fiscal aftermath. By 1963, the Banco Central del Paraguay had been operating independently for only a few years, having been formally established in 1952. Thomas De La Rue's involvement guaranteed a level of intaglio quality the country could not produce domestically.

Four distinct signature combinations are recorded for P#200, with serial number placement shifting between upper-left and lower-left on the face — a variation that attracts variety collectors disproportionate to the note's face value.