10 Pesos Fuertes Caja de Conversión

Paraguay's Caja de Conversión was established in 1907 specifically to stabilize the peso fuerte after decades of monetary chaos following the War of the Triple Alliance, which had effectively destroyed the country's economy and reduced its population by more than half. The conversion office was empowered to issue notes backed by gold and foreign exchange deposits — a deliberate break from the purely fiduciary emissions that had plagued Paraguayan finance since the 1870s.

The American Bank Note Company contract for this series was typical of the period, when South American governments routinely turned to New York engravers for the credibility their security printing implied to a skeptical public. The peso fuerte itself was soon replaced by the peso when the conversion mechanism collapsed under the pressures of the first world war.