2 Pesos Tesoro Nacional - Blue type

Paraguay's Tesoro Nacional issued this note during the War of the Triple Alliance (1864–1870), the most catastrophic conflict in South American history by population loss. The Paraguayan state, cut off from foreign credit and external printing houses, was forced to produce its own paper currency domestically — hence the Asunción state press, an improvised solution under wartime siege conditions rather than a deliberate institutional choice.

The "blue type" designation distinguishes this from earlier printings of the same denomination, where typographic ink color varied across press runs — a direct consequence of inconsistent supply chains during the war years. The watermark is notable given the circumstances; that security paper was sourced and used at all points to stocks acquired before the blockade tightened.