10 Pesos Fuertes Oficina de Cambios

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.