5 Córdobas

Nicaragua's córdoba has been redenominated twice in the twentieth century under genuine monetary duress — first in 1988 when the Sandinista government replaced the old córdoba at 1,000:1, then again in 1990 at 5,000,000:1, introducing the córdoba oro. This series belongs to the stabilized currency that followed, issued by the Banco Central under the Chamorro and Alemán administrations as inflation was finally brought under control after decades of war and economic collapse.

Nickel clad steel replaced purer alloys as a cost measure that persisted across the entire post-reform coinage.