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| 正面描述 | Central medallion portrait of Carlos I, Holy Roman Emperor and King of Spain (1500–1558), rendered in intaglio after the equestrian painting The Emperor Charles V on Horseback at Mühlberg by Titian (Museo del Prado, Madrid). The imperial coat of arms of Spain appears in the upper right corner, with the denomination numeral positioned in the field. The note bears the date and place of issue, Madrid, 21 de Octubre de 1940, together with three manuscript signatures of the Governor, Auditor, and Cashier of the Banco de España. |
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| 正面铭文 | 登录 以查看详情 |
| 背面描述 | 登录 以查看详情 |
| 背面铭文 | 登录 以查看详情 |
| 签名 | Antonio Goicoechea Cosculluela, Antonio Victoriano Martín Martín and Juan Villarroya Masfarner |
| 防伪类型 | 登录 以查看详情 |
| 防伪描述 | 登录 以查看详情 |
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| 备注 |
Issued just one year after Franco's victory, this was the highest denomination in circulation at a moment when Spain's banking system was being methodically subordinated to the new regime. Antonio Goicoechea, one of the three signatories, was no neutral technocrat — he had personally negotiated the 1934 loan from Mussolini's Italy to fund the Carlist and Alfonsist right-wing movements years before the Civil War began.
Camilo Delhom's engraving work for FNMT was competent but conservative, typical of the inward-facing production philosophy the Fábrica maintained through the 1940s. With over twelve million printed, scarcity is not the story here — condition is, as heavy wartime handling left most examples with significant wear well before mid-decade.