5 Pesetas

Giesecke & Devrient produced this note for the Nationalist-controlled Banco de España during the Civil War, when Franco's administration was working to establish financial credibility for its provisional government. The Republican zone had its own parallel currency apparatus, so both sides were issuing competing pesetas simultaneously — a situation that created lasting confusion during the post-war consolidation.

Leipzig was an unusual production site for a Spanish wartime note, but G&D had the capacity and the Nationalists had the foreign connections. The series was introduced before the war concluded, anticipating the monetary unification that would follow a Nationalist victory.