50 Centavos Fuertes Oficina de Cambios

The Oficina de Cambios — Paraguay's exchange office rather than its central bank — issued this fractional note during a period of chronic small-change scarcity that plagued the country well into the 1920s. ABNC produced the plates in New York, a typical arrangement for Paraguayan fiscal paper of the period, when the country lacked any domestic printing infrastructure capable of secure note production.

Four distinct signature combinations are recorded for P#137, reflecting successive administrations of the Oficina across several years of circulation — Zubizarreta's name appears across three of them, suggesting unusual continuity in at least one senior post.