10 Pesos Overprint on P#157

Paraguay's monetary administration in the early twentieth century ran perpetually short of small-denomination notes, a chronic problem that the República's treasury addressed repeatedly through overprinting existing stock rather than commissioning new printings. This note is a product of that practice — a Waterlow-printed 10 Pesos value stamped over an earlier issue from the P#157 series, bridging a gap in circulating currency without the delay or cost of a fresh order.

Waterlow & Sons had held the Paraguayan contract since the late nineteenth century, meaning the base note and the overprint likely originated from the same London facility. Whether the overprinting was done in London before shipment or applied locally in Asunción is not definitively established in the literature.