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| 表面の説明 | Green and black intaglio print over a light green and ochre-yellow guilloche underprint, with black serial numbers. A forward-facing portrait vignette of Spanish writer and scholar Marcelino Menéndez Pelayo is positioned to the left of centre, framed by intricate geometric ornamental designs. Inscriptions identifying the issuing authority, denomination, date, and signatory titles appear around the central vignette, with the printer's imprint at the lower margin. |
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| 表面の銘文 | 50 EL BANCO DE ESPAÑA PAGARÁ AL PORTADOR CINCUENTA PESETAS MADRID, 9 DE ENERO DE 1940 EL GOBERNADOR. EL INTERVENTOR. EL CAJERO MENENDEZ PELAYO CALCOGRAFIA & CARTEVALORI - MILANO (ITALIA) (Translation: The Bank of Spain will pay the bearer Fifty Pesetas Madrid, January 9, 1940 The Governor. The Comptroller. The Cashier) |
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Printed in Fascist Italy for Franco's Spain, this note was produced by the Milan firm Calcografia e Cartevalori — the same house responsible for much of Italy's own wartime currency output. The commission reflects the close political alignment between the two regimes in 1940, when sourcing from Allied or neutral printers was neither practical nor ideologically acceptable.
Camilo Delhom's engraving work here is technically accomplished, as one would expect from a craftsman trained in the European intaglio tradition, though the Milan printing relationship meant the finished product has a distinctly Italian feel in its plate work.
Watermarking is the sole security feature — thin protection for a denomination worth noting in a period of significant Spanish monetary instability.