1 Peso

Waterlow Bros. & Layton held the Nicaraguan contract through the early twentieth century, producing several related series for the Tesoro Nacional at their London works. This 1906 peso predates the American-backed currency reforms that would restructure Nicaraguan public finance after 1912, when the córdoba eventually displaced the peso as the unit of account — a shift driven as much by U.S. political pressure during the Zelaya era as by economic necessity.

Survivors are uncommon in any grade; Nicaragua's tropical climate was not kind to paper money in circulation.