1000 Pesos Fuertes Oficina de Cambios

The Oficina de Cambios del Paraguay was a state exchange office rather than a central bank, and its notes from this period were issued against foreign currency reserves as Paraguay attempted to stabilize an economy still fragile after decades of post-war demographic and financial collapse. The sheer number of recorded signature combinations on P#155 — at least eight pairs across what is technically a single issue year — points to considerable institutional turnover and a note that remained in active use well beyond its 1923 printing date.

ABNC plates from this era are generally reliable, but the signature variety makes systematic collection of this type unexpectedly demanding.