2 Pesos Fuertes Oficina de Cambios

The Oficina de Cambios del Paraguay was a state exchange office, not a central bank, and its notes occupied an awkward bureaucratic middle ground — technically convertible instruments rather than standard fiduciary currency. The five known signature combinations on this type reflect high turnover among the office's signatories across the note's years of use, which stretched well past the 1916 print date.

American Bank Note Company held Paraguay's printing contracts through much of the early twentieth century, and the plates were kept in New York for reuse across denominations and issuers — cost-efficient, but it meant design refreshes were rare.