5 Pesetas Instituto Nacional de la Vivienda

The Instituto Nacional de la Vivienda was a Francoist housing authority, not a bank — its authority to issue circulating notes in 1940 derived from the severe coin shortage that plagued Spain in the immediate postwar years. The scarcity of small denomination metal coinage forced numerous non-banking institutions, municipalities, and even private firms to fill the gap with paper substitutes during this period.

These INV notes circulated at face value but were redeemable only through the issuing body, which made them functionally local scrip rather than true legal tender. Printed by the Fábrica Nacional de Moneda y Timbre in Madrid, which handled most official Spanish printing work of the regime.