50 Pesetas

Bradbury Wilkinson printed this note during the first year of the Second Spanish Republic, proclaimed in April 1931 after Alfonso XIII went into exile without formally abdicating. The timing matters: the Republic needed to put its own currency into circulation quickly, and contracting an established British security printer was the practical solution — the domestic printing infrastructure wasn't equipped for the volume or the security standards required.

Pick 82 is one of the more collectable interwar Spanish issues precisely because the Republic's paper money output was disrupted so severely by the Civil War from 1936 onward. Notes from the 1931 series that avoided wartime circulation are correspondingly harder to find.