100 Pesos Overprinted on P#159

Paraguay's monetary administration in the early twentieth century was chronically underfunded, and overprinting existing stock was a practical expedient the republic returned to repeatedly rather than commissioning entirely new issues. This note takes a printed sheet from the P#159 series and applies a new denomination overprint — a straightforward revaluation measure tied to the currency instability that followed Paraguay's prolonged recovery from the War of the Triple Alliance and subsequent civil conflicts.

Waterlow & Sons handled the base printing in London, as they did for much of South American government paper in this period. The overprint application, however, introduces the main point of collector interest: registration quality and ink consistency vary enough across surviving examples that specialists treat clean, well-struck overprints as meaningfully scarcer than the raw survival numbers suggest.