50 Pesetas

Bradbury Wilkinson printed this series for Spain during a period of relative political stability under Primo de Rivera's dictatorship — a calm that would not last. The notes were prepared and issued before the peseta came under serious speculative pressure in 1929, which accelerated into the currency turbulence of the early Republic years. By then, the 1928 series was already ageing out of circulation.

Bradbury Wilkinson's intaglio work from this period is generally of high technical quality, and the New Malden plant had extensive experience printing for foreign governments. Spain's reliance on British security printers for this issue reflects the domestic printing industry's limited capacity for high-security banknote production at the time.