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4 Reales Tesoro Nacional

Issuer Tesoro Nacional (National Treasury) of Paraguay
Year 1865
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Value 4 Reales (1/2)
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Obverse lettering REPUBLICA DEL PARAGUAY 4 reales. EL TESORO NACIONAL pagará al portador la cantidad de CUATRO REALES valor recebido. La Ley perseguirá á los falsificadores y sos cómplices. CUATRO REALES
(Translation: Republic of Paraguay 4 Reales. The National Treasury will pay to bearer the amount of Four Reales, value received. The Law will prosecute counterfeiters and their accomplices. Four Reales.)
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Signature(s) Gregorio Harrarz and Ramon Villa
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Comments

Issued at the outbreak of the War of the Triple Alliance — the conflict that would kill an estimated 60% of Paraguay's population and over 90% of its adult male citizens — this note was produced entirely within Asunción using whatever materials and skills the besieged state could muster. The domestic printing is evident in its relatively crude execution compared to the engraved foreign-printed issues Paraguay had used earlier.

The watermark is an unusual security feature for a note of this modest denomination in a country already struggling to fund a catastrophic war on three fronts simultaneously.