5 Guaranies Banco Central del Paraguay

Paraguay's postwar monetary reform of 1943 replaced the peso with the guaraní at a rate of 100 to 1, but the Banco Central itself wasn't established until 1952 — meaning this note belongs to the earliest years of the institution's independent operation, before it had developed consistent production standards. The three distinct signature and serial number combinations across the series span nearly a decade of issuing authority, and the shift from a single red serial to two black serials likely reflects a mid-run security upgrade rather than a new series designation.

The fibres variant is the more common survivor. Notes from the González Maya/Méndez signing period, lacking fibres, are considerably harder to locate.