Plural pesos | ||
 | ||
Banknotes 20, 50, 100, 200, 500, 1000 pesos Coins 50 centavos, 1, 2, 5, 10 pesos Central bank Banco Central del Paraguay | ||
The peso was the currency of Paraguay between 1856 and 1944. It replaced the real at a rate of 8 reales = 1 peso. Until 1870, the peso was subdivided into 8 reales. Paraguay then decimalized, with 100 centésimos = 1 peso. The name of the subdivision was changed to centavo in 1874. The peso was replaced in 1944 by the guaranà at a rate of one hundred to one.
Coins
In 1867, Paraguay issued its first gold coins, for 4 pesos, during the War of the Triple Alliance. Bronze coins were issued in 1870 in denominations of 1, 2 and 4 centesimos, followed in 1889 by silver 1 peso. In 1900, cupro-nickel 5, 10 and 20 centavos were introduced, followed in 1925 by cupro-nickel 50 centavos and 1 and 2 pesos. In 1938, aluminium replaced cupro-nickel in these last three denominations, with cupro-nickel 5 and 10 pesos introduced the following year.