10.000 Guaraníes

Paraguay's 1952 currency reform replaced the old peso with the guaraní at a rate of 100 to 1, a redenomination driven by severe postwar inflation following decades of political instability. The 10,000 guaraníes denomination sat at the very top of the new series — an unusually high face value for a newly introduced currency, reflecting just how far purchasing power had already eroded by the time the reform took effect.

Thomas De La Rue's involvement was typical for Latin American central banks of the period, who routinely turned to London printers for both prestige and security. The single watermark is the only anti-counterfeiting measure on the note — modest even by early 1950s standards.