20 Pesos Fuertes Oficina de Cambios

The Oficina de Cambios del Paraguay was established as a state exchange bureau rather than a central bank, a structural choice that reflected Paraguay's prolonged difficulty attracting foreign capital after the catastrophic losses of the War of the Triple Alliance. By 1916, the bureau was still functioning as the country's primary paper currency mechanism, decades after the war had effectively collapsed the prewar financial infrastructure.

Two signature combinations are known for P#142, suggesting the note was issued across at least two administrative periods. Victoriano Escobar's pairing with Zubizarreta appears on earlier printings; Cleto J. Sánchez replaced him in the later variant.