1 Peso Fuerte

Paraguay's Caja de Conversión was established in the aftermath of the War of the Triple Alliance, which ended in 1870 and left the country demographically devastated and economically hollowed out. This 1 Peso Fuerte belongs to the earliest postwar paper money issued by that institution — a government body created specifically to manage currency in a country that had lost the majority of its adult male population and most of its productive capacity.

Printed locally in Asunción rather than contracted to a European security printer, which was the norm for most Latin American issues of the period. The decision reflects both limited state finances and the difficulty of maintaining normal commercial relationships in the immediate reconstruction years.