500 Pesos Fuertes

Waterlow & Sons printed this note during one of the more turbulent stretches in Paraguayan monetary history — the country had only recently emerged from the Chaco War (1932–35), a ruinous conflict with Bolivia that drained the treasury and forced repeated suspension of convertibility. The Banco de la República del Paraguay, itself reorganized in 1934 partly to manage war-finance pressures, was still working to stabilize the currency when this issue appeared.

The 500 Pesos Fuertes denomination was the highest in common circulation use for this series, making surviving examples that saw genuine use rather than vault storage relatively uncommon.