Portrait of Eugenio Espejo.

1927 is the year of creation of the Central Bank of Ecuador. 1997 is the year of the coin issue.

Francisco Javier Eugenio de Santa Cruz y Espejo (1747–95) was a medical pioneer, writer and lawyer of mestizo origin in colonial Ecuador. Although he was a notable scientist and writer, he stands out as a polemicist who inspired the separatist movement in Quito. He is regarded as one of the most important figures in colonial Ecuador.

Espejo was noted in his time for being a satirist. His satirical works, inspired by the philosophy of the Age of Enlightenment, were critical of the lack of education of the Audiencia of Quito, the way the economy was being handled in the Audiencia, the corruption of its authorities, and aspects of its culture in general. Because of these works he was persecuted and finally imprisoned shortly before his death.

Denomination in digits, denomination in words (twice).