100 Pesetas Instituto Nacional de la Vivienda

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.