10 Reales - Napoleon III Mule

One of the most peculiar emissions in South American numismatic history. Paraguay in 1854 had no functioning mint, so the López government contracted European manufacturers — almost certainly in Paris — to produce coinage. This particular piece is a mule, pairing dies that were never intended to share a coin, and the Napoleon III connection suggests the obverse die was either borrowed, repurposed, or supplied in error by the French contractor. Silver-plated white metal rather than true silver points to a pattern or proof-of-concept striking, not a circulating issue.

Fewer than a handful of confirmed examples are known.