10 Pesos

The Tesoro Nacional de Nicaragua — the national treasury rather than a central bank — issued paper currency directly during this period, a reflection of Nicaragua's fragmented monetary infrastructure around the turn of the century. Waterlow & Sons handled a substantial portion of Central American government printing at this time, and their work for Managua followed the same commercial contract model used across the region.

Pick 31 is scarce. Nicaragua saw considerable political instability in the years immediately following 1900, and treasury notes of this type were frequently demonetized or simply lost to poor storage in the tropics.