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| 正面描述 | Black letterpress print on green and tan underprint, with the Nicaraguan coat of arms as a vignette at the upper left, surrounded by the circular legend REPÚBLICA DE NICARAGUA. The denomination numeral 50 appears in a large ornate counter at the right, with the issuer title TESORO NACIONAL in bold script across the centre. The face carries the series designation SERIE IX at the top and a multi-line legal tender decree text in the body, with two handwritten manuscript signatures at the lower portion for the Ministro de Hacienda and El Tesorero. |
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| 正面铭文 | SERIE IX REPÚBLICA DE NICARAGUA CINCUENTA CENTAVOS TESORO NACIONAL Este billete será recibido en las oficinas Fiscales como moneda de Curso Legal (Art.1º) Desde el mês de Enero de 1896. La Tesoreria amortizara no ménos de $15.000ºº mensuales de billetes (Art.7º) Decreto de 12 de Octubre de 1894. (Translation: SERIES IX Republic of Nicaragua Fifty Cents National Treasury This note will be received at the Fiscal Offices as Legal Tender currency (Art.1º) Since the month of January, 1896. The Treasury will amortize no less than $15,000 monthly of banknotes (Art.7) Decree of October 12, 1894.) |
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Payot, Upham & Co. had a modest but real footprint in Latin American banknote printing during the second half of the nineteenth century, filling contracts that the larger Eastern houses — American Bank Note Company, for instance — either didn't chase or couldn't fulfill as cheaply. Nicaragua's Tesoro Nacional was one of their clients at a moment when Nicaraguan public finance was perpetually strained by internal political conflict and the chronic difficulty of securing foreign credit.
The P#19 issue preceded by only a few years the currency chaos that followed the 1896 banking reforms, which reorganized note-issuing authority away from the Treasury entirely. That makes this a late Tesoro Nacional piece in practice, not just in catalog sequence.