The first córdoba was introduced on March 20, 1912. It replaced the peso moneda corriente at a rate of 12½ 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 founder of Nicaragua, Francisco Hernández de Córdoba.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.
As of February 2, 2014, 25.435 cordobas are equal to one US dollar.