5 Pesos Fuertes Banco del Paraguay y Rio de la Plata

The Banco del Paraguay y Rio de la Plata was a private commercial bank chartered in the late 1880s during Paraguay's fitful postwar reconstruction — the country had lost somewhere between half and two-thirds of its male population in the War of the Triple Alliance, and its monetary infrastructure was being rebuilt almost from scratch. ABNC handled the engraving and printing in New York, as was common for South American private bank issues of this period when domestic printing capacity simply did not exist.

The S-prefix in the Pick reference indicates chartered private bank status, not a government emission. Whether these circulated widely or were largely absorbed into the banking system before redemption is not well documented.