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3 Pesos Tesoro Nacional - Black type

Issuer Tesoro Nacional del Paraguay
Year 1865-1870
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Printer State Print, Asunción, Paraguay
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Reverse description Reverse is blank, with show-through of the obverse letterpress impression visible on the plain paper stock.
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Protection description No watermark.
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Paraguay printed its own currency during the War of the Triple Alliance (1864–1870) out of necessity — the country was economically isolated and under existential military pressure from the combined forces of Brazil, Argentina, and Uruguay. The Tesoro Nacional issues of this period were produced domestically in Asunción with whatever materials and skilled labor remained available, which accounts for the crude execution relative to contemporary South American notes printed abroad by firms like Bradbury Wilkinson or Perkins Bacon.

The "black type" designation distinguishes this from color variant issues in the same series. Paraguay lost an estimated 60–70% of its population by the war's end in 1870 — the currency that survived outlasted most of the people who handled it.