2 Pesetas Euzkadi

Issued by the short-lived autonomous Basque government during the Spanish Civil War, this coin was struck in Bilbao in 1937 as the Nationalist forces closed in. The Gobierno de Euzkadi had only months of functional sovereignty remaining — Bilbao fell to Franco's forces in June 1937, effectively ending Basque autonomy and rendering the entire emission obsolete almost immediately after production.

Nickel was an unusual choice given wartime material pressures, and the total mintage was small enough that the issue never saw meaningful circulation. Most examples survived in essentially unspent condition for the simple reason that the political entity backing them collapsed before the coins could disperse.