10 000 Guaranies

Ciccone Calcografica handled a significant volume of Latin American banknote production during the 1990s, and Paraguay was a steady client. This series ran across five years of issue dates, which means surviving examples vary considerably in paper quality — the Argentine firm's intaglio work held up well, but the substrate on some dates is known to be more susceptible to humidity damage than contemporaneous notes printed by European security printers.

The watermark is the sole listed security feature, a notably spare specification for a high-denomination note by the late 1990s, when magnetic threads and color-shifting inks were already common elsewhere in the region.