100 Pesetas

Printed in Milan during 1940, this note was produced by Calcografia e Cartevalori at a moment when Spain's own industrial infrastructure was still recovering from the Civil War. The Bank of Spain had turned to Italian printers for several issues in this period precisely because domestic printing capacity was inadequate — a dependency that sat uneasily alongside the regime's economic nationalism but was simply unavoidable.

Engraved by Vittorio Nicastro, a craftsman whose work appears across multiple European currency contracts of the era. The three signatories represent the Governor, a Deputy Governor, and the Secretary — the full tripartite authorization structure the Banco de España required on high-denomination paper throughout the early Franco period.