1937 Spain 2 Pesetas – Burgos Issue, Spanish Civil War | P‑105
The 1937 Spain 2 Pesetas (P‑105) is a striking early‑Civil War banknote issued by the Nationalist‑controlled Bank of Spain in Burgos. Featuring the iconic Arco de Santa María and Burgos Cathedral, this note reflects the turbulent political and economic landscape of Spain during the conflict. Its compact size, vivid colours, and wartime origin make it a popular choice among collectors of European historical currency.
Historical Context
Issued on 12 October 1937, during the second year of Nationalist control, this note was produced while Spain was deeply divided by civil war. Key contextual points:
Printed in Milan, Italy by Calcografía e Cartevalori (Coen & C.).
Issued by the Nationalist faction, which operated the Bank of Spain from Burgos.
The date includes the phrase “II Año Triunfal”, marking the Nationalist calendar of victory.
A similar design was later issued in April 1938 (P‑109).
The note was eventually demonetized, but remains a significant artefact of the conflict.
This issue is valued for its historical weight, Italian printing quality, and strong architectural imagery.
Key Features & Specifications
Issuer: Spain
Issuing Authority: Bank of Spain (Banco de España)
Ruling Authority: Francisco Franco (1936–1975)
Period: Spanish Civil War
Type: Standard circulation banknote
Year: 1937
Value: 2 Pesetas
Currency: Spanish Peseta (1868–2001)
Composition: Paper
Size: 95 × 65 mm
Shape: Rectangular
Technique: Lithography
Demonetized: Yes
Reference: P‑105
Printer: Calcografía e Cartevalori (Coen & C.), Milan, Italy
Obverse
Black print with yellow and violet underprint
Detailed engraving of the Arco de Santa María and Burgos Cathedral at left
Geometric patterns surrounding the design
Inscriptions include:
DOS PESETAS
EL BANCO DE ESPAÑA PAGARÁ AL PORTADOR DOS PESETAS
BURGOS 12 DE OCTUBRE DE 1937. II AÑO TRIUNFAL
Signatures of:
Ramón Artigas Gracia – Governor
Antonio García Victoria – Comptroller
Juan Villarroya Masfarner – Cashier
Reverse
Blue print with blue and yellow underprint
Black serial number
Geometric decorative patterns
Inscriptions:
BANCO DE ESPAÑA
2 PESETAS
CARTE VALORI COEN & C – MILANO
Collector Notes
This note is a classic example of Spanish Civil War emergency currency, produced abroad and circulated under Nationalist authority. Its architectural theme, Italian printing, and wartime date make it a desirable and historically rich addition to any collection of European or conflict‑era banknotes.
