5 Pesos Overprint on P#156

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.