500 Pesetas

Printed by Giesecke & Devrient in Leipzig just as the Civil War fractured Spain into competing monetary authorities, this note was issued by the Republican government — the same Banco de España that Nationalist forces would later claim as their own institution. The three signatures belong to officials of the Republican administration, and that political context directly affects how these notes circulated: Nationalist-held territory refused them, effectively collapsing their usable geography within months of issue.

G&D's involvement is worth noting. The Leipzig firm had a long relationship with Spanish currency production, and the quality of the printing held up well against the chaotic distribution conditions of 1936–37.