5 pesos 1907

Common. Despite its age and historical significance, this banknote remains common in the numismatic market. Secondary market data shows consistent availability with eBay sales ranging from $6.26 to $109.50 over the past 15 years, with most UNC and near-UNC examples selling in the $15-50 range. The 2016 catalog value for UNC condition is listed at $5, and the note appears regularly in dealer inventory and auction sales. Print runs for this 1907 issue were substantial, and survival rates are adequate. No significant rarity factors such as recalled issues, extremely limited printings, or specific high-demand varieties have been identified.

This note was issued under the Law of December 26, 1907, during a period of monetary reform in Paraguay when the government sought to establish a stable currency system denominated in both National Currency and Gold equivalents (noted as 1/2 Peso Oro on the obverse). The allegorical female figure representing the Republic reflects the classical iconography popular in early 20th-century Latin American currency design, emphasizing national sovereignty and republican ideals. The Waterlow & Sons printing from London was a hallmark of quality for emerging South American republics establishing their financial credibility on the international stage.

The obverse features an allegorical female figure labeled as representing the Republic, rendered in profile facing left, wearing classical robes and a distinctive tall plumed headdress characteristic of Liberty iconography. She is surrounded by ornate decorative borders with floral rosettes positioned in the corners, each containing the denomination numeral '5'. The design incorporates fine ornamental wreath work and classical architectural border elements. The reverse presents a more austere heraldic design centered on a circular medallion containing a five-pointed star enclosed within a laurel wreath, symbolizing national sovereignty and achievement. Ornamental rosettes with the numeral '5' flank the central design on both sides. Both sides incorporate intricate line work and scrollwork elements typical of early 20th-century security printing. The color scheme is black on blue for the obverse and reddish-brown on cream for the reverse.

FRONT: 'REPÚBLICA DEL PARAGUAY' (Republic of Paraguay); 'Paguará al portador y a la vista' (Payable to bearer and on demand); 'CINCO PESOS' (Five Pesos); 'SERIE A' (Series A); 'Nº 00266819' (Serial Number 00266819); 'MONEDA NACIONAL Ó CINCUENTA CENTAVOS ORO SELLADO' (National Currency or Fifty Centavos Sealed Gold); 'Conforme á la Ley de 26 de Diciembre de 1907' (According to the Law of December 26, 1907); 'EL DIRECTOR' (The Director); 'Waterlow & Sons, Ltd, Londres, Inglaterra' (Waterlow & Sons, Ltd, London, England). BACK: 'REPÚBLICA DEL PARAGUAY' (Republic of Paraguay); 'CINCO PESOS' (Five Pesos); 'Waterlow & Sons, Ltd, Londres, Inglaterra' (Waterlow & Sons, Ltd, London, England).

This banknote was produced using intaglio engraving (steel plate engraving), a premium security printing method employed by Waterlow & Sons of London. The fine line engraving is evident throughout both sides of the note, particularly visible in the detailed border patterns, the facial features and clothing of the allegorical figure, and the intricate rosette designs. The multiple color scheme (black on blue underprint for the obverse, reddish-brown for the reverse) was achieved through multi-plate color printing. The red serial number was applied separately, likely through letterpress or additional intaglio passes. This combination of techniques was state-of-the-art for currency security in the early 20th century.

The note is identified as SERIE A with serial number 00266819. The realbanknotes.com catalog reference notes the existence of '2 signature varieties' for this issue, though the specific signature variants are not detailed in the visual analysis provided. The denomination notation shows both National Currency and Gold equivalent values (5 Pesos M.N. = 1/2 Peso Oro), which is consistent with Paraguay's dual monetary system of the period. Future cataloging should note the signature variety and series letter (Series A observed here) when available.