2 1/2 Centavos Asunción Tramway Light & Power Co.

The Asunción Tramway Light & Power Co. was a British-registered utility concession operating in Paraguay's capital, and this fractional token note was issued to address the chronic shortage of small-denomination coinage that plagued Paraguay in the early twentieth century. Private transport and utility companies across Latin America routinely filled this gap with their own scrip, redeemable for services — in this case, almost certainly for tram fares.

The printer, Compañía Sudamericana de Billetes de Banco, was the Buenos Aires subsidiary of the American Bank Note Company and handled much of the region's commercial and official currency work before closing in 1918.