1 Peso

Banco López was a private commercial bank operating out of Paraguay, and its 1921 issues printed by the American Bank Note Company represent the tail end of an era when Paraguayan private banking still had any meaningful footing. The country's financial sector had never fully recovered from the destruction of the War of the Triple Alliance, and by the early 1920s the government was steadily consolidating currency issuance away from private institutions toward what would become the Banco de la República.

ABNC's New York plant handled the printing of numerous Latin American private bank issues during this period, often working from standardized plate frameworks adapted per client. Pick S571 sits in a series that includes higher denominations, all equally scarce — Banco López notes rarely survived in quantity.