1 Córdoba

Nicaragua issued this note in 1990 during one of the most turbulent monetary transitions in Central American history. The Sandinista government had presided over hyperinflation so severe that by 1988 a currency reform lopped off three zeroes, creating the "nuevo córdoba" — yet even that reset failed to hold. This 1 Córdoba belongs to a subsequent redenomination series that replaced the nuevo córdoba at a rate of 1:5,000,000, effectively acknowledging the complete collapse of the previous unit.

Thomas De La Rue's involvement was a deliberate credibility signal, though the security specification here was kept minimal — a watermark only, no security thread.