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5000 Pesetas
| Issuer | Banco de España |
|---|---|
| Year | 1938 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Peseta (1868-2001) |
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| Obverse description | Intaglio-printed portrait of the Spanish painter Mariano Fortuny y Madrazo at right, set against a fine guilloche underprint in blue-grey tones. A large blank oval vignette occupies the centre-left field, flanked by ornamental scrollwork borders. At lower left, the date "BARCELONA, 11 de JUNIO de 1938" is inscribed above three signature lines for the Governor, Auditor, and Cashier, with an oval SPECIMEN overprint. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | Log in to see details |
| Reverse lettering | BANCO DE ESPAÑA 5000 CINCO MIL PESETAS (Translation: Bank of Spain Five Thousand Pesetas) |
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| Comments |
Issued by the Republican government during the Civil War, this note was printed in Britain at a moment when the Republic's financial position was deteriorating rapidly. The Soviet Union had taken delivery of Spain's gold reserves in 1936 — ostensibly for safekeeping — and the Republic was increasingly dependent on foreign credit and arms purchases that drained what remained of its hard currency.
Luis Nicolau D'Olwer, one of the signatories, was a Catalan economist and former minister who served as governor of the Banco de España under the Republic. His name on a 5000-peseta note carries some weight: denominations this large were not instruments of everyday commerce.