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| 表面の説明 | Black intaglio print on red guilloche underprint. A portrait vignette of President José Santos Zelaya occupies the left portion of the note, while a central vignette presents a steam passenger train in motion. The design is framed by ornate lathe-work borders typical of Waterlow & Sons engraving of the period. |
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| 表面の銘文 | REPÚBLICA DE NICARAGUA VALE POR CINCO PESOS que el Tesoro Nacional recibirá en calidad de moneda de curso legal. 15 de Setiembre de 1900. Waterlow & Sons Ltd. Londres, Inglaterra (Translation: Republic of Nicaragua Value of Five Pesos Which The Nacional Treasury will receive as legal currency. September 15, 1900. Waterlow & Sons Ltd. London, England) |
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Nicaragua's Tesoro Nacional — the National Treasury, not a central bank — issued directly against state revenues rather than through a banking intermediary, an arrangement that made these notes more vulnerable to political disruption than institutionally backed paper. The 1900 issue came during a period when Nicaraguan public finance was chronically strained by factional conflict between Liberal and Conservative governments, and the currency's credibility tracked those tensions closely.
Waterlow & Sons produced the plates in London to a high technical standard, but the issuing authority's fiscal instability meant redemption was never guaranteed. Notes from this series turn up in genuinely circulated condition far more often than in any approach to original state.