1 Córdoba

Nicaragua's 1968 córdoba series from De La Rue came at an odd political moment — Anastasio Somoza Debayle was consolidating power following the 1967 elections, and the Banco Central, nominally independent since its 1961 founding, operated under conditions that made genuine monetary autonomy largely theoretical. De La Rue had printed Nicaraguan currency going back decades, and the P#115 fits comfortably within a long continuity of British-printed Central American issues that changed relatively little in format or security specification across successive governments.

The watermark is the sole security feature on record for this note — modest even by late-1960s standards for a denomination in regular daily use.