20 Pesos Fuertes Administración de la Deuda Pública

Paraguay's Administración de la Deuda Pública — the public debt administration — issued these notes during a period of profound fiscal strain following the ruinous War of the Triple Alliance, which had effectively destroyed the country's economic infrastructure and reduced its population by more than half. By the 1890s, successive governments were still managing a debt burden that dwarfed any realistic revenue base, and this series was a direct instrument of that management rather than conventional circulating currency.

The blank signature line for the second countersignatory pair is notable. Unfilled co-signatures on ABNC-printed Paraguayan notes of this period suggest either interrupted issuance or notes held in reserve stock.