The flag of Paraguay as any school child in the land will tell you is red, white and blue. Beyond that though it is also unique in the world in that it is different on both sides and is also one of the oldest.

The design of the flag with it’s three horizontal stripes is believed to be based on either the French or Dutch flags and has been in continuous use since November 1842.
The flag itself was designed during the rule of Paraguay’s first post colonial leader Jose Gaspar Rodríguez de Francia. He was head of state from 1814 until 1840. However it was not until a couple of years after his death that the flag as seen today became that of Paraguay. 
The three stripes as with all flags are not merely decoration but each hold their own meaning. 
The red stripe at along the top of the flag stands for courage, equality and patriotism. 
Next the white stripe across the middle of the flag stands for unity, purity and peace. 
Then finally the blue stripe at the bottom of the flag is for liberty, benovolence and truth. 
All are of equal width to signify their equal importance. 
Where the flag differs from all others is in the images depicted at the centers of the front on reverse sides. 
On the front is shown the State Arms. This is a yellow star. The May star, a reference to the date of the independence of Paraguay. To complete the arms the star is surrounded on either side by olive and palm branches. Prior to a slight redesign of the seal a few years ago the star sat upon a blue disc. Now however it is simply upon the white of the flags central stripe. 
This image is not repeated on the reverse of the flag where in it’s place appears the Treasury Seal. This takes the form of a lion in front of a red staff on top of which is placed a red phrygian cap. 
The flag is to be seen everywhere across the country from the tops of official buildings to schools where it is raised and lowered at the start and finish of every day and is therefore one of the most familiar sights across Paraguay.