25 Pesetas

Giesecke & Devrient had already printed several series for the Banco de España before the Civil War fractured the country's monetary administration entirely. This note was ordered and produced before July 1936 but issued under the Republican government — a government that would, within months, lose control of the printing relationship entirely as Franco's Nationalist forces consolidated external alliances and supply chains.

The Leipzig connection became politically untenable as the war progressed. Subsequent Republican currency was sourced elsewhere, while the Nationalists developed their own parallel issue structure. P#99 sits at the last point of institutional continuity before that rupture.