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25 Pesetas Bilbao; replica
| Issuer | Banco de España, Bilbao |
|---|---|
| Year | 1937 |
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| Composition | Log in to see details |
| Size | 160 x 85 mm |
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|---|---|
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| Reverse description | Log in to see details |
| Reverse lettering | BANCO DE ESPAÑA 25 (Translation: Bank of Spain) |
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| Protection description | Crowned M (watermark of the Fábrica Nacional de Moneda y Timbre) |
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| Comments |
Bilbao fell to Franco's Nationalist forces in June 1937, making the window for this emission extraordinarily narrow. The Republican-controlled Basque government authorized regional branches of the Banco de España to issue their own notes during the Civil War, a decentralized arrangement born entirely of wartime necessity — Madrid could not reliably supply the north.
This is a replica. The originals are scarce enough that reproductions entered the collector market decades ago, and attribution of unattributed examples warrants close scrutiny of paper stock and watermark fidelity.