200 Pesos Fuertes Caja de Conversión

The Caja de Conversión was established in Paraguay in 1907 specifically to stabilize a currency system wrecked by decades of paper money inflation following the War of the Triple Alliance — a war that had killed roughly half the country's population and left the economy gutted for a generation. The institution's mandate was convertibility: pesos fuertes exchangeable for gold at a fixed rate. In practice, that convertibility was suspended almost immediately and never meaningfully restored.

The sheer number of distinct signature combinations on this note — five pairs across the series — reflects the institutional churn of an agency that changed administrators repeatedly as Paraguay's monetary situation lurched through the early twentieth century.