20 Cordobas

Nicaragua's Central Bank replaced the Banco Nacional as the sole currency authority in 1961, and the notes issued through the 1960s reflect the institution's effort to project stability during a period of tight Somoza-era monetary control. Thomas De La Rue had printed Nicaraguan currency for decades by this point, and the relationship was well-established — the 1968 series continued that arrangement without interruption.

P#118 is among the less frequently encountered denominations from this issue in higher circulated grades, partly because the 20 Córdoba value sat at a level of active daily use rather than being saved or hoarded the way higher denominations sometimes were.