100 Pesos Moneda Nacional - 10 Pesos Oro

Paraguay's monetary system in the early twentieth century was still recovering from the catastrophic losses of the War of the Triple Alliance (1864–1870), which had wiped out roughly half the country's population and left its financial institutions in ruins. The Banco de la República del Paraguay was established in 1906 as part of a broader stabilization effort, and this note — issued in its first full year of operation — reflects the dual-denomination convention then used to bridge the debased moneda nacional against a gold-pegged reference value.

Waterlow & Sons had by 1907 built a substantial portfolio of South American banking contracts. The watermark security on this issue was, by contemporary standards, modest — consistent with what the nascent institution could commission rather than what the threat environment demanded.