1 Guaraní Steam Locomotive Encarnación

Paraguay's rail history is a melancholy one. The country once operated the oldest railway in South America, with British-built steam locomotives running between Asunción and Encarnación — a line completed in 1861 and largely intact until the government finally shut it down in 1999 after decades of losses. The Encarnación terminus gave the line its southern anchor across the Río Paraná from Argentina. This coin honors that specific connection.

KM#227 is part of a broader Paraguayan commemorative silver program issued through the state mint with relatively modest distribution, primarily absorbed by the European collector market through licensed distributors.