50 Pesos Fuertes Oficina de Cambios

The Oficina de Cambios del Paraguay was not a central bank but a government exchange office established to manage the chronic instability of Paraguayan currency in the early 1920s. Four separate signature combinations are known for this note — Moreschi held his position long enough to sign alongside four different co-signatories, which itself reflects the political turbulence of the period; Paraguay cycled through governments rapidly in these years, with three presidents in 1923 alone.

The ABNC plate work is characteristically fine for the period. Justo Pastor Benítez, one of the co-signatories, later became a prominent diplomat and writer — an unusual footnote for a routine treasury official credit.