The Republic of Nicaragua, situated in Central America between Honduras and Costa Rica, has an area of 50,193 sq. mi. (130,000 sq. km.) and a population of 4.69 million. Capital: Managua. Agriculture and hardwood logging are the principal industries. Cotton, meat, coffee, tobacco and sugar are exported. ,Columbus sighted the coast of Nicaragua in 1502 during the course of his last voyage of discovery. It was visited in 1522 by conquistadors from Panama, under command of Gonzalez Davila. After the first settlements were established in 1524 at Granada and Leon, Nicaragua was incorporated, for administrative purposes, in the Captaincy General of Guatemala, which included every Central American state but Panama. The Captaincy General declared its independence from Spain on Sept. 15, 1821. The next year Nicaragua united with the Mexican Empire of Agustin de Iturbide, then in 1823 with Central American Republic. When the federation was dissolved, Nicaragua declared itself an independent in 1838.,, Monetary System:,,, ,1 Peso = 100 Centavos to 1912,,