Understanding Paraguay Through Its Currency
The faces, symbols, and stories chosen to represent a nation's money reveal its values, priorities, and the narratives it wishes to preserve for future generations. Paraguay's banknotes tell a story that spans more than a century—from the earliest emissions of the 1880s to the colorful polymer notes in circulation today.
Each denomination is a window into the nation's soul, featuring military heroes, founding fathers, pioneering educators, cultural icons, and spiritual leaders. Together, they form a portrait of a nation shaped by resilience, faith, education, and an enduring connection to its cultural roots.
What Paraguayan Currency Reveals
When we examine the people honoured on Paraguayan banknotes—both historical and modern—a compelling narrative emerges about what Paraguay values most deeply as a nation.
Resilience Through Catastrophe
Paraguay's history was profoundly shaped by the War of the Triple Alliance (1864-1870), one of the most devastating conflicts in South American history. The prominence of military heroes on currency—like Generals Patricio Escobar and Bernardino Caballero—reflects not just military prowess, but the capacity to rebuild and govern after devastation.
Education as National Salvation
The Speratti sisters appear on the lowest-denomination banknote—the one most frequently handled by ordinary Paraguayans. This placement suggests that education is not an elite concern but a fundamental value woven into daily life. After war decimated the population, education became essential to rebuilding the nation.
Cultural Identity & Guaraní Heritage
Paraguay is unique in South America for maintaining Guaraní as an official language. Dora del Cerro and Agustín Pío Barrios "Mangoré" represent Paraguay's commitment to preserving its cultural distinctiveness—a bilingual, bicultural identity that is neither fully European nor fully indigenous, but uniquely Paraguayan.
Faith and Progress United
The highest-denomination note features San Roque González de Santa Cruz, Paraguay's first saint, paired with the Itaipú Dam on the reverse. This juxtaposition—faith and progress, tradition and modernity—suggests Paraguay sees no contradiction between honoring religious heritage and celebrating technological achievement.
"Perhaps the most striking theme across all Paraguayan currency is resilience. Nearly every figure honoured represents some aspect of national survival and reconstruction after catastrophic loss. Paraguay's currency does not primarily celebrate conquest or expansion. Instead, it honours survival, reconstruction, education, culture, and faith—the values that allowed a nearly destroyed nation to endure and ultimately thrive."
About the Creator
I am Milan Holzapfel, a German who came to Paraguay to explore the possibility of living here more permanently. As I considered making this country my home, I realized that understanding a nation's history and values is essential to truly belonging.
One of the most revealing ways to understand a country is to look at who they honour on their currency. This project began as my personal journey to understand Paraguay—its struggles, its triumphs, its values, and its identity.
By researching the people featured on Paraguayan banknotes, translating Spanish sources into English, and expanding biographical information, I discovered a nation defined by extraordinary resilience, deep cultural pride, commitment to education, and enduring faith.
I offer this website as a resource for others who, like me, are curious about Paraguay's story. Whether you are considering moving here, studying Latin American history, collecting currency, or simply wanting to understand this remarkable country better, I hope these pages help you see Paraguay through the lens of those it has chosen to honour.
Acknowledgments
This project would not have been possible without the foundational work of researchers, historians, and institutions dedicated to preserving Paraguay's numismatic heritage.
Primary Sources:
- "Folleto Numismático Nro. 17" by Raúl Olazar
- American Bank Note Company (ABNC) Archive
- The Asunción Times - "Money Talks" series
- Banco Central del Paraguay
- Wikipedia and Numista
Special Thanks:
To the people of Paraguay, whose history and resilience inspire this project. To the educators, artists, soldiers, and spiritual leaders honoured on these banknotes, whose contributions shaped a nation.