5 Pesetas

Spain's wartime economy in 1943 was still grinding through the autarky period — Franco's deliberate isolation from international markets had produced chronic shortages, including of quality paper and printing materials. The FNMT managed the entire output domestically, which was as much a political statement as a logistical one.

López Sánchez-Toda was among the most skilled engravers working at the FNMT during this period, responsible for a number of Spanish issues across the 1940s. The 5 pesetas denomination circulated heavily at this level and worn examples are far more common than intact ones — low-value notes in postwar Spain were used hard.