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5 Pesos Overprint on P#156
| Issuer | Banco de la República del Paraguay |
|---|---|
| Year | 1912 |
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| Size | 140 × 70 mm |
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| Obverse description | Black on blue underprint. A central vignette presents a female allegorical figure wearing a Phrygian cap, symbolising Liberty; the country name arches across the top and the issuer's name appears below. Face values in both letters and numerals flank the central design on either side, with an oval overprint reading 'Émission del Estado' superimposed at centre in accordance with the Law of 11 January 1912. Two signature varieties are known. |
|---|---|
| Obverse lettering | REPÚBLICA del PARAGUAY El Banco de la República Pagará al portador y á la vista CINCO 5 PESOS CINCO 5 PESOS MONEDA NACIONAL Conforme a la Ley de 26 de Diciembre de 1907. EMISSIÓN DEL ESTADO LEY 11 DE ENERO DE 1912 (Translation: Republic of Paraguay The Bank of the Republic Will pay to the bearer and at sight Five 5 Pesos National currency Accordingly to Law from December 26th., 1907. State Issue - Law of January 11th., 1912) |
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| Comments |
This note belongs to a common Paraguayan practice of the early twentieth century: overprinting existing stock rather than commissioning new printing runs. The base note, P#156, was produced by Waterlow & Sons for the Banco de la República, and the overprinted denomination reflects the monetary instability that made flexible revaluation more practical than fresh issue. Paraguay's currency during this period was chronically undermined by the long financial hangover from the War of the Triple Alliance, which had devastated the country's economy and population through the 1860s.
Waterlow overprints from this era can show ink strike variation depending on whether overprinting was done in London or locally after shipment.