10 Centavos

Payot, Upham & Co. operated out of San Francisco from the mid-nineteenth century and handled a range of security printing for Latin American clients who lacked access to the major Eastern US or European banknote houses. Nicaragua's Tesoro Nacional turned to them at a moment when the country's monetary system was being reshaped under President Roberto Sacasa — the 1894 series coinciding with ongoing instability that would culminate in the Zelaya coup later that same year.

The political transition almost certainly interrupted normal distribution. P#17 is among the scarcer pieces from this Payot, Upham output.