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| 正面描述 | A floral vignette occupies the upper right, while a circular seal with the coat of arms of the Republic of Paraguay is centered in the upper field. The note carries a decorative border of repeated ornamental units framing the entire face, with the text arranged in horizontal lines across the center and lower portion; the note is completed by two hand-applied manuscript signatures and a hand-written serial number. |
|---|---|
| 正面铭文 | Medio real Nº REPUBLICA DEL PARAGUAY En el Tesoro Nacional de la Republica se pagará al portador de este la cantidad de MEDIO REAL valor recebido. (Translation: Half Real Republic of Paraguay In the National Treasury of Republic will pay the bearer Half Real paid amount.) |
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Paraguay's first paper currency, issued under Carlos Antonio López, who had only recently opened the country to foreign trade after decades of near-total isolation under his predecessor Francia. The Tesoro Nacional notes were printed domestically — an unusual choice for a mid-nineteenth century Latin American republic, most of which contracted European firms. Asunción's facilities were rudimentary, and it shows: the printing is uneven across surviving examples, with ink distribution inconsistent between impressions.
The watermark is the primary security feature, which is modest even by the standards of the period. Pick 1 is the foundation of the entire Paraguayan paper money series.