10 centavos 1938

Common. Historical eBay market data shows F grade examples selling for approximately $20, EF for $30, and 2016 catalog values for EF at $75. These modest price points and the availability of comparative sales data indicate this note was produced in substantial quantities and remains readily available to collectors. The Pick 87 designation suggests it is a standard regular issue rather than a limited or emergency emission. As an AU specimen of a common denomination from a long-established national bank, this note is typical rather than scarce.

Issued in 1938 under the authority of Nicaragua's 1912 banking legislation, this note reflects the country's use of the Córdoba as its monetary unit during the interwar period. The Liberty portrait on the obverse was a common design motif employed by the American Bank Note Company for Central American issuers, symbolizing democratic ideals, while the volcanic landscape vignette on the reverse speaks to Nicaragua's geographical identity and natural resources in the Pacific ring of fire region.

The obverse presents a classical allegorical Liberty portrait in left profile, rendered within an ornate circular frame with fine engraving details and wavy hair treatment typical of American Bank Note Company's classical revival aesthetic. The design incorporates bilingual text ('Banco Nacional de Nicaragua' and 'National Bank of Nicaragua Incorporated') with ornamental corner elements featuring the denomination '10' within decorative circular medallions. The reverse features a triangular landscape vignette as its central element, depicting a conical volcanic mountain dominating the composition with a body of water (lake) in the foreground and vegetation rendered in fine crosshatching technique. The landscape is flanked by symmetrical ornamental frames containing denomination numerals. The overall design employs classical wreaths, borders, and flourishes throughout both sides, consistent with the security printing standards of the 1930s.

FRONT: 'National Bank of Nicaragua Incorporated' (English) / 'Banco Nacional de Nicaragua' (Spanish) / 'Series of 1938' / 'Vale por / Diez Centavos de Córdoba' (Worth / Ten Centavos of Córdoba) / Legal tender clause: 'This banknote has been issued in accordance with the Law of March 20, 1912 and its amendments, shall be received in payment of fiscal rights and shall be of legal course and obligatory for the payment of debts within the Republic.' / Commitment clause: 'In accordance with the Law of March 20, 1912 and its amendments and under the conditions that those laws prescribe, the National Bank of Nicaragua Incorporated shall pay at sight to the bearer of this banknote ten centavos of Córdoba' / Serial number: 1395779 / 'General Manager' signature line / 'American Bank Note Co New York' (printer attribution). BACK: 'National Bank of Nicaragua Incorporated' (English) / 'Banco Nacional de Nicaragua' (Spanish) / '10 Centavos' / 'Diez Centavos de Córdoba' (Ten Centavos of Córdoba) / 'American Bank Note Company, New York.' (printer attribution).

Steel plate engraving with fine line work and intricate crosshatching, printed by the American Bank Note Company of New York. The obverse employs black intaglio printing on a green underprint base; the reverse displays green intaglio printing. The security features include fine line engraving throughout, ornate decorative borders, and the complexity of the landscape vignette, all characteristic of ABNC's high-security banknote production methods during this era.

This example appears to be Pick-87a (the primary cataloged variety for this Pick number). The visual analysis shows serial number 1395779, which falls within the standard range for the 1938 regular issue. The banknote exhibits the standard design characteristics with no visible overprints, emergency markings, or signature variants that would distinguish it as a sub-variety. PMG records indicate only one primary variant (87a) has been cataloged for this Pick number.