Depicts a bust of Francisco Solano López facing, country name above, his name, date and denomination in Guarani language below.

Francisco Solano López Carrillo (1827–1870) was President of Paraguay from 1862 until his death in 1870. At a very young age, he served in the Paraguayan Army fighting against Juan Manuel de Rosas in the sporadic hostilities sustained by Paraguay and Argentina during the Platine Wars. After the downfall of Rosas, he became Ambassador of Paraguay, as Minister Plenipotentiary, in several European countries from 1853–1855. At his return in Asunción, he was appointed Vice-President of the Supreme Government of his father Carlos, and then assumed the Presidency when his father died.

He is one of the most controversial figures in South American history, particularly because of the Paraguayan War, known in the Plate Basin as "Guerra de la Triple Alianza". From one perspective, his ambitions were the main reason for the outbreak of the war while other arguments maintain he was a fierce champion of the independence of South American nations against foreign rule and interests. He resisted until the very end and was killed in action during the Battle of Cerro Corá, which marked the end of the war.

Depicts the National Heroes Pantheon, inscription Central Bank of Paraguay above, denomination in digits and Spanish words below.

The National Pantheon of the Heroes is a building and landmark of Asunción, Paraguay, and a national monument of Paraguay. It is the mausoleum of the country, where lie the remains of the great heroes of Paraguayan history such as Don Carlos Antonio López (1st president Constitutional), Mariscal Francisco Solano López, Mariscal José Félix Estigarribia (hero and winner of the Chaco War against Bolivia) and his wife. In addition, the Children Martyrs Acosta Ñu, two Unknown Soldiers, among others.