The New 20,000 Guaraníes Banknote of Paraguay 2026 (Solano López, Estigarribia, and the Pantanal Catfish). Iberoamericana Banknotes

On October 5, 2026, coinciding with the 83rd anniversary of the guaraní, the Central Bank of Paraguay presented the country's complete new banknote family. The 20,000 guaraníes banknote is the first of the three high-denomination notes in the series, the first printed on cotton, and the one that bears the most sensitive theme of all: the defense of national sovereignty, represented by the two military leaders who led Paraguay through its two great wars.

The banknote has not yet entered circulation—what was presented are the designs—so it is not for sale. You can, however, reserve it: write to us via email or WhatsApp and we will hold it for you in uncirculated condition as soon as the BCP releases it and we are able to obtain it.

Why the 20,000 guaraníes is changing

The new series is the first comprehensive redesign of the guaraní in more than sixty years. The BCP awarded the design and origination to the French firm Oberthur Fiduciaire in February 2023, and the project was developed over three years with the collaboration of historians and biologists; the premise, according to the Central Bank's treasury, was that every element on the banknote should be justified.

The 20,000 occupies the fourth step of the chronological narrative that runs through the family, between the founding of the State (10,000 banknote) and education (50,000 banknote). It is also the point at which the series transitions from polymer to cotton, with all that entails in terms of security features: here, the security thread and the watermark reappear, both absent in the three lower denominations.

The honorees: Francisco Solano López and José Félix Estigarribia

Francisco Solano López (1827–1870), son of Carlos Antonio López—who appears on the 10,000 banknote of this same family—was the president who led Paraguay during the Triple Alliance War (1864–1870), the most devastating conflict in South American history, in which the country lost a large part of its population and its territory. He died fighting at Cerro Corá on March 1, 1870, an episode that turned him into a national symbol of resistance until the end. He is a figure intensely debated by historians, but his status as an emblem of Paraguayan sovereignty is unquestionable within the country.

José Félix Estigarribia (1888–1940) was the commander who led the Paraguayan army in the Chaco War against Bolivia (1932–1935), the last great interstate war in South America. His military leadership secured control of the Chaco Boreal for Paraguay, and he subsequently attained the presidency of the republic in 1939; he died in an aviation accident in 1940. He reached the rank of Marshal.

Paraguay's two great wars, the one that nearly wiped it off the map and the one that secured the Chaco for it, summarized on an obverse.

The design of the 20,000 guaraníes banknote

Obverse (dominant yellow/gold color):

• Portraits of Francisco Solano López and José Félix Estigarribia, in intaglio printing.
• BANCO CENTRAL DEL PARAGUAY legend at the top.
• Value 20MIL in prominent numeral and VEINTE MIL GUARANÍES in letters.
• Large optically variable element with a strong color shift between magenta, violet, and green tones depending on the angle.
• Borders with traditional Paraguayan textile motifs—references to ñandutí and ao po'i—on the side bands.
• Institutional seals and year of issue.

Reverse (same gold range):

• PANTANAL ECOREGION label.
• A surubí (the great spotted catfish of the Paraguay and Paraná rivers) as the featured species, represented in the watercourse that runs through the banknote.
• Capybaras and caimans on the riverbank, and a karanda'y palm as the central botanical element.
• Value 20MIL and MOKÕIPA SU GUARANÍ, the denomination in the Guaraní language, next to REPÚBLICA DEL PARAGUAY.
• Silhouette of the map of Paraguay with the ecoregion highlighted.

The Paraguayan Pantanal, at the northern tip of the country, is the national portion of the largest continental wetland on the planet: a seasonal mosaic of rivers, lagoons, and floodable savannas with one of the greatest concentrations of visible fauna in the Americas.

Security features

Being printed on cotton, this banknote recovers the classic security repertoire of paper currency, reinforced:

• New generation security thread, integrated into the substrate.
• Watermark adapted to the new design, visible when held against the light.
• Optically variable ink in the large chromatic element on the obverse.
• Relief intaglio printing on portraits, legends, and tactile marks.
• Tactile marks and large, high-contrast numerals for the visually impaired.
• Microprinting with Paraguayan identity motifs on borders and backgrounds.
• Differentiated format: about 7 mm longer than the 10,000 and 7 mm shorter than the 50,000.

Technical specifications

• Issuer: Central Bank of Paraguay (BCP).
• Denomination: 20,000 guaraníes.
• Design presentation: October 5, 2026.
• Substrate: cotton.
• Dominant color: yellow/gold.
• Obverse: Francisco Solano López and José Félix Estigarribia.
• Reverse: Pantanal ecoregion, with surubí, capybaras, and caimans.
• Format: width common to the family, fourth in length from smallest to largest.
• Design and origination: Oberthur Fiduciaire (France).
• Printing house: not confirmed; to be awarded by international tender.
• Mintage and serial prefixes: not announced. The presentation images carry a sample numbering with the prefix A (A00000000), typical of a specimen.
• Date of circulation: not confirmed (press estimates between the first quarter of 2027 and 2028).

Numismatic and collection value

1. It is the first cotton denomination of the series. It marks the boundary between the polymer block and the paper one, making it a reference piece for understanding the family's architecture.
2. Two marshals, two wars. The Solano López + Estigarribia combination is historically powerful and sparks interest far beyond Paraguay, among collectors of military and historical themes.
3. The Pantanal, an international brand. Few banknotes in the world dedicate their reverse to the largest wetland on the planet; environmental themes are a steadily growing niche for collections.
4. Spectacular optical element. The chromatic device on the obverse is one of the most striking of the entire family and one of the strong visual arguments of the series.
5. Mid-high denomination. These are the values that are hoarded the least in uncirculated condition, because they are harder to set aside; in the medium term, that plays in favor of those who reserve them now.

Why is it important for collectors?

• First cotton denomination of the new family, with thread and watermark.
• Obverse featuring the two great military leaders of Paraguayan history.
• Reverse dedicated to the Pantanal and its emblematic fauna.
• Large optically variable element.
• Part of the first comprehensive redesign of the guaraní in over sixty years.

Why reserve with Iberoamericana Banknotes

• Guaranteed authenticity and piece-by-piece verification.
• Priority by order of reservation as soon as stock is available.
• Complete series of the six denominations, in addition to sales by denomination.
• International shipping with tracking and packaging for uncirculated banknotes.
• Specialized service from collectors for collectors.
• Updates to this article as the BCP confirms data.

Reserve it now

To secure the new 20,000 guaraníes banknote of Paraguay 2026 in uncirculated condition, write to us via email or WhatsApp and we will add you to the reservation list, either individually or as part of the complete series.

You can find the collection at The new Paraguayan guaraní banknotes 2026, the family predecessor in the 10,000 guaraníes banknote 2026—with Carlos Antonio López, father of Solano López—and the next chapter in the 50,000 guaraníes banknote 2026.

Our section on Paraguayan banknotes is available by clicking here.