5 Pesos

Nicaragua's National Treasury issued paper currency directly — bypassing any central bank — because no such institution existed in the country until 1912. Waterlow Bros. & Layton, a respected London security printer active from the 1870s, handled a substantial volume of Latin American government work during this period, and the Nicaraguan Treasury series of 1908 sits squarely within that commercial relationship.

Pick 36 is not a common survivor. Nicaragua's political instability in the years immediately following — U.S. Marines landed in 1912 and effectively administered the customs service — disrupted normal financial infrastructure and likely shortened the active life of this issue.