20 Cordobas

The Canadian Bank Note Company has handled Nicaraguan printing contracts across multiple political administrations — a continuity that survived the Sandinista revolution, the Contra war years, and the subsequent return to market-aligned governance. This note was issued well into the post-conflict stabilization period, after the córdoba had already been redenominated twice in the preceding two decades to manage hyperinflation that at its peak in 1988 exceeded 30,000 percent annually.

A watermark-only security specification at this date is notably minimal — by 2006 most regional central banks had moved toward multi-feature substrates.