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2 Pesetas

Issuer Banco de España
Year 1937
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Value 2 Pesetas (2 ESP)
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Obverse lettering 2. DOS PESETAS EL BANCO DE ESPAÑA PAGARÁ AL PORTADOR DOS PESETAS BURGOS 12 DE OCTUBRE DE 1937. II AÑO TRIUNFAL EL GOBERNADOR. EL INTERVENTOR. EL CAJERO CARTE VALORI COEN & C - MILANO
(Translation: Two Pesetas The Bank of Spain Will pay the bearer Two Pesetas Burgos, October 12, 1937. 2nd Triumphal Year The Governor. The Comptroller. The Cashier)
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Reverse lettering BANCO DE ESPAÑA 2 PESETAS CARTE VALORI COEN & C - MILANO
(Translation: Bank of Spain 2 Pesetas)
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Comments

Printed in Fascist Italy for a Republican Spain fighting for its survival — the political irony is not subtle. By 1937 the Republic had lost access to most of its pre-war printing infrastructure, and the contract with the Milan firm reflected the chaotic procurement scramble of the early war period rather than any ideological alignment. The note circulated in a zone where confidence in paper currency was already fragile and rapidly eroding.

The small physical size pushed this denomination toward fractional currency territory, filling a gap left by the near-disappearance of coin from active circulation.

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