500 Pesos Fuertes Caja de Conversión

The Caja de Conversión was established by Paraguay in 1907 specifically to manage the chaotic paper money situation left over from the War of the Triple Alliance and its economic aftermath — a country still rebuilding its male population and its fiscal architecture decades later. The conversion house was meant to back circulating notes with metallic reserves, though in practice that discipline was inconsistently maintained.

Seven distinct signature combinations are recorded for this single issue, reflecting the turnover of officials across what was evidently a long period of actual use rather than a short print run. The American Bank Note Company supplied the plates and sheets from New York, a standard arrangement for South American issuers who lacked domestic security printing facilities.