100 Córdobas

The Banco Nacional de Nicaragua was itself a peculiar institution — incorporated in 1912 under United States law, with its stock held partly by American banking interests, a direct product of the dollar diplomacy policies pushed by the Taft administration. Nicaragua's finances were effectively under foreign supervision following the 1911 loan agreements brokered through Brown Brothers & Seligman, and this note series was issued under that arrangement rather than from any independent monetary authority.

Hamilton Bank Note Company handled a significant volume of Latin American currency work in this period, but Nicaraguan commissions were among their more politically loaded assignments. The 1912 date coincides with the U.S. Marines' return to Nicaragua, where they would remain, with brief interruption, until 1933.