25 Pesetas

This note was issued by the Nationalist government during the Civil War, with Burgos functioning as the de facto capital of Franco's Spain. Giesecke & Devrient had a long relationship with Spanish authorities and was the logical choice for a regime that needed credible currency fast and lacked domestic printing capacity of sufficient scale.

The series to which this belongs circulated alongside notes from earlier Republican-era issues, creating genuine confusion about legitimate tender — a problem the Nationalists addressed through increasingly aggressive demonetization decrees as territory changed hands.