100 Pesetas

Printed in Nazi Germany for Franco's Nationalist government during the Civil War, this issue reflects the political and material dependencies of the Burgos regime — G&D's Leipzig facilities handled much of the Nationalist printing precisely because Republican-held territory controlled Spain's existing note infrastructure. The three signatories represent the Nationalist Banco de España reconstituted in Burgos after the 1936 split, when both sides effectively ran parallel central banks claiming legitimacy.

Pick 113 is reasonably available in circulated grades; high-grade examples are another matter, given active wartime use through 1939 and into the early postwar peseta consolidation.