1 Guarani Banco Central del Paraguay

Paraguay's 1952 monetary reform abolished the peso and introduced the guaraní at a rate of 100 pesos per guaraní — this 1 Guaraní note belongs to the opening series of that new currency regime. The number of signature combinations catalogued under P#185 is unusually high for such a low denomination, reflecting turnover in the Banco Central's directorate across nearly a decade of issue rather than any reprint or design change.

The shift from red to black serial numbering, and the introduction of security fibres in the paper, happened mid-series without a new Pick number being assigned.