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| 正面铭文 | 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) |
| 背面描述 | Grey intaglio print over a multicolour guilloche underprint in green, red, and yellow. The Spanish coat of arms is centred within an elaborate framework of geometric ornamental designs. The denomination and bank name are inscribed in the surrounding panels, with the Francoist motto incorporated into the composition. |
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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.