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| 正面铭文 | 25 EL BANCO DE ESPAÑA PAGARÁ AL PORTADOR VEINTICINCO PESETAS BURGOS 18 DE JULIO DE 1937. II AÑO TRIUNFAL CRISTOBAL COLON EL GOBERNADOR. EL INTERVENTOR. EL CAJERO C & C BANCONOTE MILANO (ITALIA) (Translation: The Bank of Spain Will pay the bearer Twenty-five Pesetas Burgos, July 18, 1937. 2nd Triumphal Year Christopher Columbus The Governor. The Comptroller. The Cashier) |
| 背面描述 | Printed in black and grey, the reverse is dominated by a large intaglio pictorial vignette reproducing the painting 'Landing of Columbus in America' by José Garnelo y Alda, rendered with fine engraved detail across the full width of the note. An enclosing border of guilloche and geometric ornamental designs frames the composition on all four sides. |
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Printed in Fascist Italy for Republican Spain — the political irony is real. The Republican government contracted Calcografía e Cartevalori of Milan during the Civil War when domestic printing capacity was either destroyed, occupied, or unreliable. Italy under Mussolini was simultaneously supplying aircraft and troops to Franco's Nationalist forces, yet commercial printing contracts with the Republic apparently continued through private firms operating outside direct state control.
The P#106A designation distinguishes it from related variants in what was a fractured, improvised wartime currency system. Notes of this period circulated alongside regional issues, militia scrip, and foreign-printed emergency denominations — purchasing power eroding rapidly as the Republic lost territory through 1937 and 1938.