1 Real Tesoro Nacional

Issued during the War of the Triple Alliance (1864–1870), Paraguay's most catastrophic conflict, this note was produced by a state under siege with virtually no access to foreign printing resources. The Tesoro Nacional was forced to print domestically in Asunción — a necessity, not a choice, as Brazilian naval blockades had severed normal supply lines. Local production meant crude results: uneven inking, rough paper, and inconsistencies between individual notes are characteristic of the series rather than damage to specific examples.

The watermark is notable given the circumstances — maintaining even rudimentary security features while the country was being systematically destroyed suggests the treasury was still attempting to project institutional legitimacy to a shrinking population.