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100 Pesetas Instituto Nacional de la Vivienda
| Issuer | Instituto Nacional de la Vivienda |
|---|---|
| Year | 1940 |
| Type | Vouchers |
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| Obverse description | Pink guilloche underprint with scalloped ornamental border in olive-brown. Central text panel in script lettering states the bearer payment obligation, dated Madrid 1 January 1940, with 'PAPEL DE FIANZAS' in bold arched letterpress at top. Three manuscript signatures appear below, labelled EL DIRECTOR, EL DEPOSITARIO, and EL INTERVENTOR, with the INV monogram vignette and CLASE B designation at lower centre. |
|---|---|
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| Reverse lettering | INSTITUTO NACIONAL DE LA VIVIENDA 100 PAPEL DE FIANZAS (Translation: National Housing Institute Bonds Paper) |
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| Comments |
The Instituto Nacional de la Vivienda was a Francoist housing authority established in 1939, and its issuance of circulating paper denominations sits at an odd intersection of public administration and wartime monetary improvisation. These notes functioned as a form of internal credit instrument tied to the housing reconstruction program — not standard fiduciary currency — issued in a period when the Spanish treasury was severely strained following the Civil War.
Spanish-printed during a moment when the Banco de España's own production capacity was being rebuilt, the note reflects ad hoc solutions common across Francoist parastatal bodies in the early 1940s.