100 Pesos Fuertes Caja de Conversión

Paraguay's Caja de Conversión was established under the 1899 monetary reform as the country worked to stabilize its currency in the wake of the devastating civil war of 1894–95, which had effectively destroyed public confidence in government paper. The conversion office was tasked with maintaining a fixed exchange rate backed by gold, a commitment that proved difficult to sustain and ultimately short-lived.

The American Bank Note Company contract for this series was typical of how smaller Latin American republics sourced their security printing at the turn of the century — ABNC held a near-monopoly on the region's prestige issues during this period. At 100 Pesos Fuertes, this was the highest denomination in the Caja de Conversión series.