5 Cordobas

Nicaragua's 1991 paper issues arrived in the aftermath of one of the most dramatic currency collapses in Latin American history. The córdoba oro, introduced in 1990 to replace the old córdoba at a rate of one-to-one million, was itself subject to severe instability, and the early CBN-printed series was part of a stabilization effort that relied heavily on Canadian Bank Note Company capacity while local infrastructure remained inadequate.

CBN had printed Nicaraguan currency intermittently since the Somoza period. This continuation into the Chamorro-era issues reflects practical procurement more than any deliberate policy.