200 Réis Countermark over 1/2 of Spanish 2 Reales

Paraguay entered the War of the Triple Alliance in 1864 under Francisco Solano López, and by 1865 the country's monetary system was under severe strain. Countermarking captured or imported Spanish colonial 2 Reales halves — physically cut and stamped — was a wartime expedient to stretch a shrinking silver supply across a besieged economy. The host coins were typically Mexican or Bolivian 2 Reales of the cob or milled type, already decades old by the time the Paraguayan stamp was applied.

The war killed an estimated 60–70% of Paraguay's population. Coins from this issue that survived did so largely outside the country.