カタログ
| 表面の説明 | Black letterpress print on orange and green underprint, with red serial numbers. The Nicaraguan coat of arms appears as a vignette at upper left, accompanied by extensive text detailing the legal tender decree of October 12, 1894. The note is inscribed with series designation SERIE XI and carries the issuing authority designation TESORO NACIONAL. |
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| 裏面の説明 | Printed entirely in brown, the reverse is dominated by a dense, intricate guilloche pattern filling the entire field, with rosette and fan motifs at the corners and along the borders. A central horizontal band carries the denomination DIEZ CENTAVOS flanking a circular guilloche medallion bearing the numeral 10. The issuing authority TESORO NACIONAL is inscribed in a curved ribbon at the top, with REPÚBLICA DE NICARAGUA arched along the lower border, and the printer's imprint appearing in small text at the bottom margin. |
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Payot, Upham & Co. operated out of San Francisco from the mid-nineteenth century and handled a range of security printing for Latin American clients who lacked access to the major Eastern US or European banknote houses. Nicaragua's Tesoro Nacional turned to them at a moment when the country's monetary system was being reshaped under President Roberto Sacasa — the 1894 series coinciding with ongoing instability that would culminate in the Zelaya coup later that same year.
The political transition almost certainly interrupted normal distribution. P#17 is among the scarcer pieces from this Payot, Upham output.