25 Pesos

Nicaragua's Tesoro Nacional operated as a state treasury issuing authority rather than a central bank — an arrangement that reflected the country's chronic difficulty in establishing stable banking institutions in the late nineteenth century. The note predates the Banco Nacional de Nicaragua by decades, and Waterlow & Sons in London handled the engraving and printing at a time when most Central American governments sourced their paper currency from British or American security printers rather than developing any domestic capacity.

Pick 32 is thinly documented. Surviving examples are infrequently encountered at auction, which may indicate limited original print runs or heavy attrition through the political instability of the early 1900s.