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Nicaragua Hyperinflation Banknotes
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5,000,000 Cordobas (1990)
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Front: Cleto Ordóņez (1778-18__), Commandant of Nicaragua
Shortly after proclaiming independence from Spain in 1821, the provinces of the
Central American Republic were in dispute over annexation with Mexico. In Nicaragua, the
Governor, Miguel Gonzalez Saravia with the support of Bishop Garcia y Jerez,
proclaimed annexation in Leon and in Granada Colonel Crisanto Sacasa proclaimed
it. In Granada, however, Colonel Cleto Ordoņez called the people to arms
against annexation, declaring Sacasa a traitor to the cause of independence.
Sacasa was soon deposed and Ordoņez declared Nicaragua to be a Republic on
January 16, 1823.
Back: Church of San Francisco Granada
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10,000,000 Cordobas (1990)
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Front: Jose Dolores Estrada (1787-1869), Nicaraguan general
Estrada lived quietly in the country for the first 64 years, occupied in the
cultivation of his estate. But when the civil war
broke out in 1851, he enlisted against the democrats in the revolution. He
participated in the nine months' defense of the City of Granada, and was
wounded in the battle of August 5, 1854.
After Walker and his followers captured Granada October 15, 1855, he retired
to the northern department of Chinandega, and continued, with Generals Martinez
and Fernando Chamorro, to oppose the forces under Walker's command.
After Walker was elected president in June 1856, and declared war on the rest
of the Central American republics, Estrada marched with his little army to join
the Costa Ricans. Estrada left the army after Walker was driven out of the
country.
When the revolution of 1869 began, Estrada, although eighty-two years old, was
appointed commander-in-chief of the army, and defeated the revolutionists
in several encounters, but a few days before the final pacification, he
died of fatigue.
Back: Hacienda San Jacinto
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Back to Hyperinflation Banknotes
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Nicaragua went through a period of hyperinflation from 1987 to 1990. Before
1987, the highest denomination was 1,000 Cordobas. By 1987, it was 500,000
Cordobas. In the 1988 currency reform, 1 new Cordoba was exchanged for 1,000
old Cordobas. But by 1990, the highest denomination reached 10,000,000 new
Cordobas. In another currency reform (mid-1990), 1 gold Cordoba was
exchanged for 5,000,000 new Cordobas. The overall impact of hyperinflation:
1 gold Cordoba = 5,000,000,000 pre 1988 Cordobas.
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