500 Pesos Fuertes Oficina de Cambios

The Oficina de Cambios was Paraguay's exchange office rather than a conventional central bank, operating as a quasi-monetary authority during the early 1920s when Paraguay lacked a formal banking institution with note-issuing powers. The seven distinct signature combinations recorded for this single type reflect rapid ministerial turnover across a politically unstable period — Justo Pastor Benítez, who appears among the signatories, later became a significant literary and diplomatic figure, an unusual footnote for a man whose name appears on currency.

ABNC's production quality was far in excess of what Paraguay's economy at the time demanded, but the country had few alternatives for secure printing.