50 Pesos

Waterlow Brothers & Layton secured a number of Central American government printing contracts in the early twentieth century, and this Nicaraguan issue is among the more obscure of them. The firm merged with Waterlow & Sons in 1914, so any Waterlow Brothers & Layton imprint places a note firmly before that date — useful when dating undated or ambiguously dated specimens in the series.

The Tesorería General, rather than a central bank, acted as the issuing authority here, reflecting Nicaragua's fragmented monetary administration during a period when the country was navigating successive debt crises and the early stages of what would become significant U.S. financial intervention by 1911.