The flag of Paraguay (Spanish: bandera de Paraguay) was adopted in 1842. It is the only national flag with different emblems on its obverse and reverse sides.
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Each side of the flag of Paraguay consists of three equal, horizontal bands: red, white, and blue, with an emblem centered in the white band. The emblem on the obverse side is the national coat of arms of Paraguay: a yellow five-pointed star surrounded by a green wreath capped by the words REPUBLICA DEL PARAGUAY (“Republic of Paraguay“), all within two concentric circles); the emblem on the reverse side is the seal of the treasury (a yellow lion below a red Phrygian cap and the words Paz y Justicia (“Peace and Justice”) capped by REPUBLICA DEL PARAGUAY, again within two circles.
Its colors bear resemblance to the modern flag of the Netherlands and the design was simplified in 1991. Wikipedia