5 Pesos Moneda Nacional - 1/2 Peso Oro

The Banco de la República del Paraguay had a short and troubled existence — it was established in the mid-1880s as a state-backed institution attempting to stabilize a currency system still recovering from the catastrophic losses of the War of the Triple Alliance, which had killed a significant portion of Paraguay's male population and left the national economy in ruins for decades. By 1907, the bank was issuing notes denominated simultaneously in pesos moneda nacional and fractions of peso oro, a dual-denomination scheme that reflects the chronic distrust of paper values relative to gold-pegged equivalents.

Waterlow & Sons produced the plates in London, as they did for numerous Latin American issuers during this period.