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Paraguay Currency

The national currency of Paraguay is known as the Guarani. It was previously divided in to centimos, but owing to the inflation it is no longer evaluated in the same manner. The plural of the currency is Guaranies and the currency code is PYG.

Historical Past

The law that introduced Paraguay currency was passed on 5th October, 1943. This substituted the peso at a ratio of 1 guarani being equal to 100 pesos. The first time Guranies were circulated was in 1944. The currency was pegged to U.S dollar at 126 PYG summing up to 1 USD, between the years 1960 and 1985.

Paraguay Coins

In Paraguay, in the year 1944 the aluminum bronze coins were brought in. The denominations for the same were 1,5,10, 25 and 50 centimos. They were all round in shape. The second phase for the same started in the year 1953 when coins of 10, 15, 25 and 50 denominations were introduced in centimos.

They were made of aluminum and bronze and had a scallop shape. The lion and the liberty cap were imprinted on the surface. These coins are no more in circulation these days.

In the year 1975, the Paraguay currency saw yet another phase, where it was introduced finally in Guarani. Denominations of 1,5,10 and 50 guaranies were introduced. These coins were made of steel and were round shaped. Approximately 100 coins were introduced in the year 1990 that was followed by 500 more coins in the year 1997

Paraguay Bank Notes

The initial Guarani notes were of 50 centimos. The regular Guarani notes of denominations 1, 5, 10, 50, 100, 500 and 1000 guarani soon came into use. These were all printed by the De La Rue.
In the year 1963, as per law introduced in 1952 the bank notes underwent a complete remodification in design and pattern. The denominations also extended itself to 5000 and 10,000 guaranies. This was continuing for years, until the economy faced an inflation that removed even the 500 guarnies from circulation in the market. The revised version of these notes in the year 1982 had the denominations written in Guarani language.
Going back, in the year 2004 the existing denomination of notes except that of the 50,000 guaranies, witnessed some minor changes. The change that was made in the note was in a way more elegant and borderless under print with better security marks.

The new 20,000 guarani notes were printed by Giesecke and Devrient. The rest were all done by De La Rue. Recently, in the year 2009, the Central Bank of Paraguay launched its first 2,000 guaranies bills made of polymer. This results in making the notes durable than the ones which were of cotton-fiber bills. Thus we, see that Paraguay currency underwent a lot of changes in its span of existence.