50 Pesos

Nicaragua's National Treasury issued this note during a period of acute political instability — the country had cycled through multiple governments and financial reorganizations in the preceding decade, and the Tesoro Nacional itself was operating under severe fiscal constraints when this series was authorized. The American Bank Note Company had a long relationship with Central American issuers, and their New York plates were frequently reused or adapted across multiple client states, which occasionally creates attribution headaches for researchers working the region.

Pick 48 is genuinely scarce. Few examples have appeared at auction, and the survival rate for Nicaraguan paper of this period is low — the country's humid climate and the political turmoils of the 1910s and 1920s were not kind to unredeemed reserves.