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5 Pesos Fuertes Oficina de Cambios

Issuer Oficina de Cambios del Paraguay
Year 1916
Type Standard circulation banknote
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Obverse description Black intaglio printing on yellow and orange guilloche underprint. Central vignette presents a panoramic view of the city of Asunción as seen from the river, rendered in fine engraved detail. The face bears the full legal text of authorization in Spanish across the note, with the denomination in words and figures, issued in accordance with the Law of 28 January 1916 by the Oficina de Cambios; three signature varieties are known.
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Reverse description Printed in red-brown. The Republic of Paraguay's coat of arms appears within a circular medallion at left, surrounded by the country name in an arc; the face value numeral is placed at right. The overall design is restrained, relying on the heraldic medallion as the principal graphic element against a plain ground.
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Comments

The Oficina de Cambios was Paraguay's exchange bureau rather than a central bank, and these notes functioned as convertible certificates backed by foreign currency reserves — a system born from the country's chronic difficulty maintaining a stable national currency in the aftermath of the Chaco and earlier conflicts. ABNC printed the series in New York, and the multiple signature combinations reflect successive administrations of the bureau rather than any reissue or overprint.

Gerónimo Zubizarreta appears across all three signature variants as the constant counterpart, suggesting a lengthy tenure that bridged at least three changes in the senior signing officer.

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