5 Pesos

The Tesoro Nacional de Nicaragua — the national treasury, not a central bank — issued notes directly in the early 1890s, a period when Nicaragua had no formal bank of issue. Payot, Upham & Co. of San Francisco handled currency and security printing for several Central American governments during this decade, a geography of convenience given Pacific coast trade routes and the relative scarcity of capable security printers in the region.

Pick 25 is scarce in any grade. Treasury-direct issues rarely achieved long or stable circulation.