PMG Grades Rare 1932 Nicaragua 1 Córdoba

Paper Money Guaranty (PMG) has graded a rare 1932 Nicaragua 1 Córdoba, attributed as Pick # 63a. Graded PMG 35 Choice Very Fine EPQ, it is so far the only example of this elusive issue to have been certified by PMG.

The "Standard Catalog of World Paper Money" (SCWPM) General Issues describes Nicaragua Pick # 63, 1 Córdoba as having a date range of 1932-1939; with Pick # 63a being the 1932 date variety and Pick # 63b being the 1937-39 date variety. From the grade valuations provided in SCWPM one would assume that the 1932 dated note can be easily purchased for about 2.5 times the amount paid for 1937-39 dated notes. This assumption would be wrong.

Collectors will find the 1932 dated 1 Córdoba note surprisingly elusive. Price aside, finding any example in any grade may take years of hunting. A search through auction archives of several major auction houses records no sale of a 1932 Nicaragua 1 Córdoba note.

Nicaragua, Banco Nacional, Pick# 63a, 1932, 1 Córdoba, front. PMG Graded 35 Choice Very Fine EPQ Click image to enlarge.

Nicaragua, Banco Nacional, Pick# 63a, 1932, 1 Córdoba, back. PMG Graded 35 Choice Very Fine EPQ Click image to enlarge.

On the other hand, examples of Nicaragua Pick # 63b, 1 Córdoba dated 1937-39 are comparatively plentiful. Examples of Pick # 63b are offered with regularity on eBay and through major auction houses. What is going on? Why is the 1932 date so rare compared to the 1937-39 dates?

In "Nicaragua – Its Coins, Paper Money, Medals, Tokens," by Luis H. Flores, published in 2002, Flores mentions that the loss of an “unknown quantity” of existing bank notes forced the Nicaraguan government to recall circulating bank notes of the time to find out the true number of notes in circulation. An Executive Decree of January 2, 1934, ordered the recall, count and revalidation of all existing bank notes in circulation, including notes in the Banco Nacional de Nicaragua’s inventory. According to the Decree, “the word REVALIDADO shall be printed with red ink across the face of each counted note.”

SCWPM lists Pick #71 as having a REVALIDADO overprint stamped in 1934 on the face of a Pick # 63a, 1932-dated 1 Córdoba note (see the example pictured below). As the revalidation was done in 1934, there are no genuine REVALIDADO overprints found on Pick #63b, 1937-39 dated notes.

Nicaragua, Banco Nacional, Pick# 71, 1932 (ND 1934), 1 Córdoba, front. PMG Graded 35 Choice Very Fine. Click image to enlarge.

Thus, the vast majority of 1932 dated Nicaraguan 1 Córdoba notes were overprinted with a red, letterpressed REVALIDADO overprint in 1934. Today, Pick #71, 1 Cordoba REVALIDADO overprinted notes are comparatively far easier for collectors to obtain than are the original Pick # 63a, 1932 dated notes with no overprint.

The American Bank Note Company intaglio-printed paper money of Nicaragua is a beautiful, iconic series of notes – and one where different date varieties can mean significant differences in market prices. An educated collector armed with this knowledge can make great cherry picks at shows and auctions. Happy hunting!