5 Pesetas

Giesecke & Devrient printed this note in Leipzig during a period when Spain's postwar regime was actively cultivating economic ties with Nazi Germany and Fascist Italy. The printing contract fit neatly into that political alignment — several early Franco-era Banco de España issues went to G&D rather than to Spanish state printers, a deliberate choice reflecting both the regime's foreign relationships and the near-total collapse of Spain's own industrial infrastructure after the Civil War.

The 1940 5 Pesetas series is prone to toning along the edges, a known characteristic of the paper stock used across G&D's wartime Spanish commissions.