100 Pesos Fuertes Oficina de Cambios

The Oficina de Cambios — Paraguay's exchange office rather than a central bank — was the issuing authority here, a distinction that reflects how underdeveloped the country's formal banking infrastructure remained into the 1920s. Five different signature combinations are recorded for this single type, all sharing Mariano B. Moreschi in one position, suggesting a stable senior official working alongside a rotating cast of junior signatories — likely reflecting staff turnover or overlapping terms across the note's circulation life.

Justo Pastor Benítez, one of the countersigning officials, was a significant Paraguayan intellectual and diplomat who later became a prominent biographer of José Gaspar Rodríguez de Francia.