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10 Pesos Fuertes Oficina de Cambios

Issuer Oficina de Cambios del Paraguay
Year 1923
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Size 150 × 75 mm
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Obverse description Black intaglio on green and orange underprint, with two seated allegorical female figures at left forming a vignette flanking the central design. The Cathedral of Asunción occupies the right center, rendered in fine engraved detail. Three signature varieties are known for this type.
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Reverse description Multicolor reverse centered on the Coat of Arms of the Republic of Paraguay within a circular guilloche medallion, with the country name inscribed around its perimeter. The face value numeral 10 appears at both left and right margins.
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Comments

Paraguay's Oficina de Cambios was a government exchange office, not a central bank — a distinction that mattered considerably in the early 1920s, when the country was still operating without a formal banking institution of any kind. The Banco del Paraguay y del Río de la Plata had collapsed in 1904, and the replacement central bank wouldn't arrive until 1952. Notes like this one filled the institutional vacuum.

Three known signature combinations exist for P#150, with Moreschi as the constant — he held his position across multiple administrations. Justo Pastor Benítez, one of the co-signatories, later became a prominent diplomat and literary figure, which makes his appearance on currency a minor biographical footnote worth knowing.

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