100 Pesetas

Printed in London by De La Rue for the Republican government during the Civil War, this note was issued under conditions of acute financial pressure — the Republic was burning through gold reserves transferred to Moscow in 1936, and paper currency backed by increasingly little was a political liability as much as an economic one. Luis Nicolau D'Olwer had served as governor of the Banco de España since the early war years, one of the few senior figures who retained credibility in both financial and Catalan political circles.

Nationalist forces refused to recognize Republican-issued currency entirely, rendering notes like this worthless in any territory they controlled. By 1939, all Republican paper was demonetized.