1 Peso

The Tesoro Nacional de Nicaragua — the national treasury, not a central bank — issued notes directly under government authority during a period when Nicaragua lacked a formal banking institution capable of managing circulation. Payot, Upham & Co. of San Francisco handled a significant share of Latin American fiscal printing in the late nineteenth century, their work appearing across several Central American governments that lacked access to the major European houses.

Pick 24 is among the scarcer Nicaraguan treasury issues of this decade. The 1894 date places it squarely in the fiscal turbulence preceding the coffee-boom reforms that would eventually reshape the country's monetary administration after 1900.