100 Pesetas

This note was printed by Giesecke & Devrient in Leipzig and issued in the opening weeks of the Civil War — a period in which the Republican government still controlled the Banco de España and its gold reserves. The three signatures reflect the bank's collegial governance structure at the time, an arrangement that would not survive the war intact.

Spain's gold reserve, the fourth largest in the world in 1936, was the financial backdrop against which these notes circulated. Within months, much of that gold had left the country entirely.