100 000 Guaranies

Paraguay's 100,000 Guaraníes is the highest denomination in general circulation and was introduced partly in response to the chronic inflation that had eroded the practical value of lower notes — by the time this series was running, a 10,000 Guaraníes note was worth roughly two US dollars. The dual-printer arrangement between De La Rue and Oberthur is operationally common for high-volume sovereign contracts but worth noting: supply was split between the two firms across the production years, meaning examples from different print runs carry different technical signatures beneath the surface.