100 Pesetas Banco de España - Santander

The Banco de España branches in Nationalist-held cities issued their own notes in the summer and autumn of 1936, a direct consequence of the Republican government retaining control of the central bank's Madrid headquarters — and, critically, the bulk of Spain's gold reserves. Santander was one of several regional branches authorized to produce emergency circulating notes to keep commerce functional in the early months of the Civil War.

Santander itself fell to Nationalist forces in August 1937, after which these locally-issued notes were withdrawn from use. The short circulation window keeps surviving examples relatively scarce in any grade.