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Nicaraguan córdoba

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The córdoba (Spanish pronunciation: [ˈkordoβa], sign: C$; code: NIO) is the currency of Nicaragua and is divided into 100 centavos.

Nicaraguan córdoba
córdoba nicaragüense (Spanish)
1 córdoba banknote of the Banco Nacional de Nicaragua (National Bank of Nicaragua), issued in 1941
ISO 4217
CodeNIO (numeric: 558)
before 1991: NIC
Subunit0.01
Unit
SymbolC$‎
Denominations
Subunit
 1⁄100centavo
BanknotesC$5, C$10, C$20, C$50, C$100, C$200, C$500, C$1000
Coins5, 10, 25, 50 centavos, C$1, C$5, C$10
Demographics
ReplacedNicaraguan peso
User(s) Nicaragua
Issuance
Central bankCentral Bank of Nicaragua
 Websitewww.bcn.gob.ni
Valuation
Inflation7.4%
 Sourcepedro [1], 2012

History

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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 of the 1st córdobas.

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

Coins

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First córdoba

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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, and 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]

The 25 and 50 centavo coins, along with 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

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

Third córdoba (córdoba oro)

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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]

1994 Series
Value(₡) Years Composition Shape Diameter Weight Obverse Reverse Image
5 Centavos[1] 1994 Chromium plated Steel Circular 15 mm 2.1 g National coat of arms Dove over map of Nicaragua with date and value below
10 Centavos[2] 1994 Chromium plated Steel Circular 17 mm 2.68 g National coat of arms Dove over map of Nicaragua with date and value below
25 Centavos[3] 1994 Chromium plated Steel Circular 19 mm 3.86 g National coat of arms Dove over map of Nicaragua with date and value below
50 Centavos[4] 1994 Chromium plated Steel Circular 22 mm 4.6 g National coat of arms Dove over map of Nicaragua with date and value below
1997 Series
Value(₡) Years Composition Shape Diameter Weight Obverse Reverse Image
50 Centavos[4] 1997 Nickel clad Steel Circular 22 mm 5 g National coat of arms Face value and date
1 Córdoba[5] 1997, 2000 Nickel clad Steel Circular 25 mm 6.25 g National coat of arms Face value and date
5 Córdobas[6] 1997, 2000 Nickel clad Steel Circular 28 mm 7.8 g National coat of arms Face value and date
2002 Series
Value(₡) Years Composition Shape Diameter Weight Obverse Reverse Image
5 Centavos[1] 2002 Copper plated Steel Circular 18.5 mm 3 g National coat of arms Face value and date
10 Centavos[2] 2002 Brass plated Steel Circular 20.5 mm 4 g National coat of arms Face value and date
25 Centavos[3] 2002, 2003, 2007 Brass plated Steel Circular 23.25 mm 5.1 g National coat of arms Face value and date
1 Córdoba[5] 2002, 2007, 2008, 2009, 2010, 2012, 2014 Nickel clad Steel Circular 25 mm 6.25 g National coat of arms Face value and date
2007 Series
Value(₡) Years Composition Shape Diameter Weight Obverse Reverse Image
10 Centavos[2] 2007, 2012, 2015 Aluminium Circular 20.5 mm 1.4 g National coat of arms Face value and date
25 Centavos[3] 2007, 2014 Brass plated Steel Circular 23.25 mm 5.1 g National coat of arms Face value and date
50 Centavos[4] 2007, 2014 Nickel clad Steel Circular 22 mm 5 g National coat of arms Face value and date
5 Córdobas[6] 2007, 2014 Nickel clad Steel Circular 28 mm 7.8 g National coat of arms Face value and date
10 Córdobas[7] 2007 Brass plated Steel Circular 26.5 mm 8.5 g National coat of arms Statue of Andrés Castro with face value, date, and latent image

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

2022 Series
Value(₡) Years Composition Shape Diameter Weight Obverse Reverse Image
25 Centavos[8] 2022 Aluminium Circular N/a N/a National coat of arms Face value and date
50 Centavos[8] 2022 Stainless Steel Circular N/a N/a National coat of arms Face value and date
1 Córdoba[9] 2022 Stainless Steel Circular N/a 6 g National coat of arms Face value and date
5 Córdobas[8] 2022 Stainless Steel Circular N/a N/a National coat of arms Face value and date

Banknotes

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First córdoba

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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.

 
A 1,000-córdoba banknote, which was reprinted with a value of 200,000 córdobas during the inflationary period of the late 1980s.

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

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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)

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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]

2002 series (Resolution of 10 April 2002)
Image Value Main Color Description Date of printing
Obverse Reverse
C$10 Green Miguel Larreynaga Islets of Granada 2002
C$20 Orange José Santos Zelaya Atlantic Beach
C$50 Purple Pedro Joaquín Chamorro Fortress of El Castillo de la Inmaculada Concepción
C$100 Blue Rubén Darío Rubén Darío National Theatre
C$500 Red José Dolores Estrada Hacienda San Jacinto
For table standards, see the banknote specification table.

2009 series

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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

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On 26 October 2015, the Banco Central de Nicaragua introduced a new family of banknotes in denominations of 5, 10, 20, 50, 100, 200, and 500 Córdobas. The six 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

Exchange rate

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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", 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]

Current NIO exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD

Historical exchange rates

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  • 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)

See also

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References

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  1. ^ a b "Moneda de 5 Centavos de Córdoba". Retrieved 2023-09-21.
  2. ^ a b c "Moneda de 10 Centavos de Córdoba". Retrieved 2023-09-21.
  3. ^ a b c "Moneda de 25 Centavos de Córdoba". Retrieved 2023-09-21.
  4. ^ a b c "Moneda de 50 Centavos de Córdoba". Retrieved 2023-09-21.
  5. ^ a b "Moneda de 1 Córdoba". Retrieved 2023-09-21.
  6. ^ a b c "Moneda de 5 Córdobas". Retrieved 2023-09-21.
  7. ^ "Moneda de 10 Córdobas". Retrieved 2023-09-21.
  8. ^ a b c "BCN informa sobre nueva emisión de monedas de 5 córdobas, 50 centavos y 25 centavos de córdoba". Retrieved 2023-09-21.
  9. ^ "BCN informa sobre nueva emisión de monedas de 1 córdoba". 2023-02-24. Retrieved 2023-09-21.
  10. ^ Linzmayer, Owen (2012). "Nicaragua". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  11. ^ "Currency". November 14, 2010.
  12. ^ Articles on the banknote issues of Nicaragua BanknoteNews.com. Retrieved 2010-01-18.
  13. ^ "Billete de C$ 50 por medio siglo del Banco Central - LA PRENSA — EL Diario de los Nicaragüenses". Archived from the original on 2010-09-20. Retrieved 2010-10-02.
  14. ^ Nicaragua new 10-córdoba note confirmed BanknoteNews.com. July 19, 2012. Retrieved on 2012-10-28.
  15. ^ Nicaragua new 20-córdoba note confirmed BanknoteNews.com. August 21, 2012. Retrieved on 2012-10-28.
  16. ^ Nicaragua new 200-córdoba note confirmed BanknoteNews.com. October 4, 2012. Retrieved on 2012-10-28.
  17. ^ Nicaragua new 100-córdoba commemorative note confirmed BanknoteNews.com. September 8, 2012. Retrieved on 2012-10-28.
  18. ^ Nicaragua new 500-córdoba note confirmed BanknoteNews.com. October 12, 2012. Retrieved on 2012-10-28
  19. ^ Nicaragua new note family (B506 - B511) confirmed BanknoteNews.com. October 28, 2015. Retrieved on 2015-10-31.
  20. ^ Nicaragua new 1,000-córdoba note (B513) to be introduced 02.01.2017 BanknoteNews.com. November 22, 2016. Retrieved on 2016-11-22.
  21. ^ Nicaragua new 1,000-córdoba commemorative note (B512) to be introduced 01.12.2016 BanknoteNews.com. November 22, 2016. Retrieved on 2016-11-22.
  22. ^ Nicaragua new 1,000-córdoba commemorative note (B512) confirmed introduced 01.12.2016 BanknoteNews.com. December 2, 2016. Retrieved on 2016-12-06.
  23. ^ "Banco Central de Nicaragua". Archived from the original on 2021-03-01. Retrieved 2019-07-16.
  24. ^ Rogers, Tim (May 13, 2014). "Nicaragua seeks to de-dollarize economy". The Nicaragua Dispatch.

Sources

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