10 Pesos

The Tesoro Nacional notes of this period were issued directly by Nicaragua's national treasury rather than through a chartered bank — an arrangement that reflected the country's persistent difficulty in maintaining a stable private banking sector in the early twentieth century. The American Bank Note Company held a near-monopoly on Central American government printing work at this time, and the Nicaraguan treasury series was among several contracts awarded during a period of heavy U.S. financial intervention in the region.

Nicaragua's 1911 Knox-Castrillo Treaty, negotiated with Washington just a year after this note's issue, effectively handed customs revenue collection to American agents as collateral against foreign loans — making these treasury notes among the last issued under fully independent Nicaraguan fiscal authority.