5 Pesos Fuertes Caja de Conversión

Paraguay's Caja de Conversión was established in 1899 specifically to manage the conversion of the country's badly depreciated currency following the catastrophic economic collapse of the post-Triple Alliance War decades. By 1903, the institution was issuing notes backed — nominally, at least — by gold reserves, though the convertibility promise was never fully honored in practice and was formally suspended not long after.

The ABNC contract for this series is worth noting: American Bank Note had been printing for Paraguay intermittently since the 1870s, and the plate work for the Caja de Conversión issues reflects their standard late Victorian commercial engraving quality. The watermark is the primary security feature — unusual restraint for an ABNC product of this period.