50 Pesetas Santander; replica

When the Nationalist uprising began in July 1936, the Republican government retained control of the Banco de España's Madrid headquarters along with its gold reserves, leaving branch offices in unoccupied zones to improvise local currency. The Santander branch issued these emergency notes through the FNMT under improvised authorization — a stopgap that lasted only until Nationalist forces took the city in August 1937.

This is a replica. Originals are scarce and frequently forged, so any example entering the market warrants close scrutiny of paper stock and serial numbering conventions.