Watch List notes:

Paraguay, Republica del Paraguay, front and back 50 pesos proofs on cardstock, 18-11-1899, rare. SCWPM-101p. Rare, American Bank Note Company produced proofs for Paraguay's 50 pesos note of 1899. AU with minor handling in the margins (more so on the reverse proof than the other), nice embossing seen through the cardstock.

Estimate: $150 - $225