10 Pesetas Banco de España - Santander

The Banco de España branch issues of 1936 were a direct consequence of the Civil War fracturing Spain's financial infrastructure. When Nationalist forces moved on Madrid, the Republican government authorized regional branches to issue their own notes — Santander among them — to maintain liquidity in areas that remained under Republican control. The Santander branch had no independent printing capability, so these notes were produced locally under improvised conditions, which accounts for the variable print quality seen across surviving examples.

Santander fell to Nationalist forces in August 1937, effectively ending this series after barely a year of circulation.