5 Cordobas

Nicaragua's Banco Nacional operated simultaneously as both the country's central bank and a commercial institution — an unusual arrangement that persisted until the Banco Central de Nicaragua was established in 1961. This note series bridges that transitional period, issued under the authority of an institution that was already scheduled for restructuring.

Thomas De La Rue produced several successive Nicaraguan series during these decades, and the P#100 shares its format and security specification with neighbouring Central American issues from the same printer, suggesting a regional contract arrangement rather than a bespoke commission.

Watermark placement on this series is the primary authentication point; ink-based security features were not incorporated until later issues.