50 Pesetas

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.