50 Pesetas

The 1935 50 Pesetas was among the last notes issued by the Banco de España before the outbreak of the Civil War in July 1936 effectively split the currency into two parallel systems — Republican and Nationalist — each running their own emissions from their respective controlled territories. Notes from this pre-war series circulated on both sides initially, creating genuine authentication headaches for local commerce.

Thomas De La Rue printed this in London, which became logistically complicated once the war began and normal banking relations with foreign contractors were disrupted. Republican Spain eventually turned to other printers; the Nationalists did the same.