Nicaraguan córdoba

The first córdoba was introduced with the new National Bank of Nicaragua (Banco Nacional de Nicaragua Incorporado) which was created in 1912 , after which the government of Adolfo Díaz promulgated the Monetary Conversion Law, in March 1912. This law created the monetary unit Córdoba, but due to the prevailing political instability at that time, the Córdoba did not circulate until mid-1913.

It replaced the peso moneda corriente at a rate of 12+1⁄2 pesos m/c = 1 córdoba and the peso fuerte at par. It was initially nearly equal to the US dollar. It was named after the Conquistador Francisco Hernández de Córdoba.^{[citation needed]}

In 1960 the Central Bank of Nicaragua (BCN) was founded and the banknotes and coins that until that date were issued by the National Bank of Nicaragua, began to be issued by the central bank.

On February 15, 1988, the 2nd córdoba was introduced. It was equal to 1,000 1st córdobas.

On April 30, 1991, the third córdoba, also called the córdoba oro, was introduced, worth 5,000,000 2nd córdobas.^{[citation needed]}

First córdoba

In 1912, coins were introduced in denominations of 1⁄2, 1, 5, 10, 25 and 50 centavos and 1 córdoba. The 1⁄2 and 1 centavo were minted in bronze, the 5 centavos in cupro-nickel and the higher denominations in silver. The 1 córdoba was only minted in 1912, whilst 1⁄2 centavo production ceased in 1937.^{[citation needed]}

In 1939, cupro-nickel replaced silver on the 10, 25 and 50 centavos. In 1943, a single year issue of brass 1, 5, 10 & 25 centavos was made. These were the last 1 centavo coins. In 1972, cupro-nickel 1 córdoba coins were issued, followed, in 1974, by aluminium 5 and 10 centavos.^{[citation needed]}

A new series of coins, featuring a portrait of Augusto César Sandino, was introduced in 1981, consisting of aluminum 5 and 10 centavos, nickel-clad steel 25 centavos and cupro-nickel 50 centavos, 1 and 5 córdobas. Nickel clad steel replaced cupro nickel between 1983 and 1984. In 1987, the final coins of the 1st córdoba were issued, featuring Sandino's characteristic hat. Aluminum 500 córdobas were issued.^{[citation needed]}

25, 50 centavos and 1 córdoba coins minted in 1985 were mostly recalled and destroyed by the Central Bank. A few of the 1 córdoba were circulated as seen.^{[citation needed]}

Second córdoba

No coins were issued for this currency.^{[citation needed]}

Third córdoba (córdoba oro)

In 1991, coins dated 1987 but actually introduced with that year's re-denomination, in denominations of 5, 10 and 25 centavos and aluminum-bronze 50 centavos, 1 and 5 córdobas were issued.^{[citation needed]}

In 1994, coins were issued in denominations of 5, 10, 25 and 50 centavos. All were minted in chrome-plated steel. In 1997, nickel-clad steel 50 centavos, 1 and 5 córdobas were introduced, followed by copper-plated steel 5 centavos and brass-plated steel 10 and 25 centavos in 2002 and brass-plated steel 10 córdobas in 2007.^{[citation needed]}

In 2012, the Central Bank issued a 5 Córdobas coin to commemorate the 100th anniversary of the introduction of the Córdoba.^[6]

First córdoba

In 1912, the National Bank of Nicaragua introduced notes for 10, 25 and 50 centavos, 1, 2, 5, 10, 20, 50 and 100 córdobas, together with old half- and 1-peso moneda corriente notes overprinted for 4 and 8 centavos of the new currency. In 1934, all circulating banknotes were exchanged for notes which had been overprinted with "REVALIDO" ("revalidated"). The last notes for less than 1 córdoba were dated 1938. In 1945, 500-córdoba notes were introduced, followed by 1,000-córdoba notes in 1953.

In 1962, the Central Bank of Nicaragua took over paper money issuance by a bank resolution of 8 February 1962 and executive decree No. 71 of 26 April 1962.^[10] The 1-córdoba notes were replaced by coins in 1972. After 5-córdoba coins were introduced in 1981, 2 and 5-córdoba notes were withdrawn. In 1987, 5000-córdoba notes were introduced, followed by overprinted 10,000 (on 10), 20,000 (on 20), 50,000 (on 50), 100,000 (on 100), 100,000 (on 500), 200,000 (on 1,000), 500,000 (on 1,000) and 1,000,000 (on 1,000) córdobas notes as inflation drastically reduced the córdoba's value.

Second córdoba

The second córdoba was only issued in banknote form. Notes (dated 1985) were issued in 1988 in denominations of 10, 20, 50, 100, 500 and 1000 córdobas together with undated 5000 córdobas. In 1989, notes for 10,000, 20,000, 50,000 and 100,000 córdobas were introduced, followed the next year by 200,000, 500,000, 1 million, 5 million and 10 million córdobas notes.^{[citation needed]}

Third córdoba (córdoba oro)

In 1991, notes were introduced for 1, 5, 10 and 25 centavos, 1⁄2, 1, 5, 10, 20, 50 and 100 córdobas. The notes below 1 córdoba were replaced by coins in 1994, with 5 córdobas notes also being replaced in 1997. 500 córdobas notes were introduced in 2002.^{[citation needed]}

Famous people from Nicaragua's history are depicted on the obverses of the current banknotes. The reverses depict landmarks or natural habitats in the country.^{[citation needed]}

2009 series

On May 15, 2009, polymer ten and twenty córdoba notes were issued to circulate alongside their paper counterparts.^[11] A new polymer two hundred and a paper one hundred córdoba banknote was first issued on June 1, 2009. A new polymer 50 córdoba was issued on December 3, 2009. The new designed paper 500 córdoba banknote was introduced on January 12, 2010.^[12] A commemorative design of the 50 córdobas was introduced on September 15, 2010, to commemorate the Banco Central de Nicaragua's 50th anniversary of its establishment.^[13] In 2012, the Banco Central de Nicaragua (Central Bank of Nicaragua) began issuing a new series of córdoba banknotes with revised security features, beginning with the 10, 20 and 200 córdoba polymer banknotes, which is similar to their first issue, but the notable change is the embossed "10", "20", and "200" on the see-through window now being of an opaque white.^[14][15][16]

The 100 córdoba banknote was also revised. The notable differences from the first issue is that the note was issued on the 100th anniversary of the córdoba currency. Also notable is the wider security thread, a revised registration device, a repositioned serial number, subtle underprint design changes and the commemorative text "1912-2012 Centenario del Cordoba" in pearlescent ink at the left front of the note.^[17] The 500 córdoba banknote was also revised. The most notable change for the note is the bank logo patch, now a holographic patch instead of an optically variable device and a wider security thread.^[18]

2009 series (Resolution of 12 September 2007) [2]

Image		Value	Dimensions	Main Colour		Description			Date of
Obverse	Reverse					Obverse	Reverse	Watermark	printing	issue
		10 córdobas1	131 × 67 mm		Green	Fortress of the Immaculate Conception, Rio San Juan	Hacienda San Jacinto	"10", slighted tilted above El Castillo on the upper right hand side.	2009	May 15, 2009
		20 córdobas2	136 × 67 mm		Yellow	Hut of natives on the eastern coast of the Caribbean.	Illustration of the Palo de Mayo dance	"20", Girl pounding grain		May 15, 2009
		50 córdobas	141 × 67 mm		Violet	National ceramic of Nicaragua	Canyon of Somoto	National ceramic of Nicaragua, "50" watermark		December 3, 2009
		50 córdobas	67 x 141 mm		Violet	First building of the Central Bank	Canyon of Somoto	"50" watermark	2010	September 16, 2010
		100 córdobas	146 × 67 mm		Blue	Monument to Rubén Darío	León Cathedral	Emblem of the Central Bank of Nicaragua; watermark of a lion.	2009	June 1, 2009
		200 córdobas	151 × 67 mm		Brown	El Güegüense	Ometepe Island, the national bird, the Momotus momota.	"200", The Güegüense with watermark and cape.	2009	June 1, 2009
		500 córdobas	156 × 67 mm		Red	Residential Museum of Augusto César Sandino	Native statues	"500" watermark, Sandino	2010	January 12, 2010
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

2015 and 2017 series

On 26 October 2015, the Banco Central de Nicaragua introduced a new family of banknotes in denominations of 10, 20, 50, 100, 200 and 500 Córdobas. The five lower denominations are printed in polymer, while the 500 Córdobas note is printed on cotton paper substrate.^[19] On 1 December 2016, the Banco Central de Nicaragua introduced a 1,000 Córdobas banknote to ease high-value transactions. A commemorative design was issued on 1 December 2016 to commemorate the 100th anniversary of the death of poet Rubén Darío and a regular issue was issued on 2 January 2017.^[20][21][22]

In July 2019, the 500 and 1000 Córdoba banknotes were reissued in polymer, to circulate in parallel with existing issues.^[23]

2015–2017 series (resolution of 26 March 2014)

Image		Value	Dimensions	Main Color	Description		Material	Date of issue
Obverse	Reverse				Obverse	Reverse
		C$5	126 x 67 mm	Grey	Building of the nicaraguan central bank	Las Piedrecitas overpass	Polymer	October 2015
		C$10	131 x 67 mm	Green	Puerto Salvador Allende, Managua	La Vaquita (Patron Saint festivities of Managua)	Polymer	October 2015
		C$20	136 x 67 mm	Orange	Moravian church, Laguna de Perlas	Mayo Ya Festival	Polymer	October 2015
		C$50	141 x 67 mm	Violet	Artisan Market, Masaya	Folkloristic ballet	Polymer	October 2015
		C$100	146 x 67 mm	Blue	Cathedral of Granada	Horse cart	Polymer	October 2015
		C$200	151 x 67 mm	Brown	Rubén Darío National Theater, Managua	El Güegüense comedy ballet	Polymer	October 2015
		C$500	156 x 67 mm	Red	Cathedral of León	Momotombo Volcano	Paper	October 2015
		C$500	156 x 67 mm	Red	Cathedral of León	Momotombo Volcano	Polymer	July 2019
		C$1,000	161 x 67 mm	Dark green	Hacienda San Jacinto, Tipitapa	Castle of the Immaculate Conception, Río San Juan	Paper	January 2017
		C$1,000	156 x 67 mm	Dark green	Hacienda San Jacinto, Tipitapa	Castle of the Immaculate Conception, Río San Juan	Polymer	July 2019

In 1991, the Central Bank of Nicaragua established a crawling peg scheme in accordance with FMI exchange rate policies with a 12% annual rate of devaluation; "as of 2014"^[update], this scheme continued to devalue the córdoba against the United States dollar by 5% per annum and decrease further at 3% per annum, subsecuently.^[24]

Historical exchange rates

• US$1 =
  • 32.949 (XE) (July 2019)
  • 25.005 córdobas (August 2013)(XE)
  • 20.865 (Yahoo) or 20.8623 (XE) or 20.5250 (Oanda) (January 10, 2010)
  • 20.425 (Yahoo) or 20.4263 (XE) or 20.222 (Oanda) or 20.4268 (Central Bank of Nicaragua) córdobas (August 4, 2009)
  • 18.032 (Yahoo) or 19.874 (XE) or 20.113 (Oanda) córdobas (January 3, 2009)
  • 18.032 córdobas (June 19, 2008)
  • 18.032 córdobas (April 24, 2007)
  • 17.066 córdobas (June 5, 2006)
  • 17.1754 córdobas (January 13, 2006)
  • 16.300 córdobas (April 2005)
  • 15.5515 córdobas (December 2003)
• €1 =
  • 37.084 (XE) (July 2019)
  • 36.9441 (XE) (October 23, 2018)
  • 30.0562 (Yahoo) or 30.0772 (XE) or 29.5661 (Oanda) (January 10, 2010)
  • 29.3674 (Yahoo) or 29.3721 (XE) or 28.93586 (Oanda) córdobas (August 4, 2009)
  • 25.1033 (Yahoo) or 27.532 (XE) or 28.008 (Oanda) córdobas (January 3, 2009)
  • 29.8987 córdobas (June 19, 2008)
  • 24.583 córdobas (April 24, 2007)
  • 22.1168 córdobas (June 5, 2006)
  • 19.910 córdobas (January 2006)
  • 21.361 córdobas (April 2005)
  • 19.6462 córdobas (December 2003)

• Economy of Nicaragua

• Article on Currency – Córdoba
• Pictures of Nicaraguan banknotes and coins
• Banco Central de Nicaragua: Billetes y Monedas
• The banknotes of Nicaragua (in English and German)