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100 Pesetas

Issuer Banco de España
Year 1948
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Size 137 × 88 mm
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Reverse lettering 100 BANCO DE ESPAÑA
(Translation: 100 Bank of Spain)
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Protection description Portrait watermark of Francisco Goya's head, visible in the circular blank area on the left side of the reverse.
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Comments

The 1948 series marked the Banco de España's first postwar redesign of its higher denominations, issued while Spain remained under autarky and largely cut off from the international printing networks it had used before the Civil War. Production fell entirely to the FNMT in Madrid — a deliberate assertion of domestic industrial capacity, however strained that capacity was.

Antonio Goicoechea, one of the three signatories, had been a founding figure of the monarchist Renovación Española movement and a pre-war negotiator of covert military aid from Mussolini's Italy. His presence on a Francoist banknote was entirely unremarkable by 1948, but the biography is worth noting.

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