25 Pesetas

This note was issued under the newly proclaimed Second Spanish Republic, which came into existence in April 1931 — meaning notes from this series entered circulation almost simultaneously with the collapse of the Bourbon monarchy. The Republic initially retained the Banco de España as its central bank rather than establishing a new institution, and earlier contracts with Bradbury, Wilkinson remained in force, which is why a British security printer produced currency for a government that had just overturned the existing political order.

Bradbury, Wilkinson had a long relationship with Spanish note production stretching back decades. The watermark security on this issue is modest by contemporary standards, reflecting a prewar contract rather than any updated specification from the new Republican authorities.