20 Pesos Fuertes Caja de Conversión

The Caja de Conversión was established by Paraguay in 1907 specifically to stabilize the peso fuerte following decades of monetary chaos rooted in the War of the Triple Alliance, which had left the country's financial infrastructure effectively destroyed. This conversion board held gold and silver reserves against which notes were theoretically redeemable — a peg that held fitfully at best, as the institution lacked the reserves to sustain serious demand.

ABNC's engraved work for Paraguayan issues of this period is characteristically fine, though the series is not among the company's more celebrated commissions. The watermark security is modest for the denomination.