5 Pesos

Paraguay's monetary system in the late 1930s was still recovering from the catastrophic financial drain of the Chaco War (1932–1935), which had nearly emptied the national treasury fighting Bolivia over the disputed Chaco Boreal region. This 1939 issue was part of a broader recoinage effort as the country attempted to stabilize circulation currency in the war's aftermath.

The copper-nickel alloy adopted for this series was a deliberate departure from earlier issues, chosen for durability and lower production cost at a moment when national reserves remained thin.