1938 Spain 2 Pesetas Banknote for Sale – A Civil War-Era Emission Reflecting Republican Ideals

Issued by the Ministerio de Hacienda y Economía during the Spanish Civil War, the 1938 2 Pesetas banknote represents a transitional moment in Spain’s monetary and political history. As part of the 1937–1938 Republican issue, this note circulated briefly before being demonetized following Franco’s victory in 1939.


Key Features & Historical Significance

Issuer: Ministerio de Hacienda y Economía, Spanish Republic
Denomination: 2 Pesetas
Year of Issue: 18 January 1938
Pick Number: P-95
Printer: Fábrica Nacional de Moneda y Timbre, Spain
Size: Approx. 95 × 54 mm
Material: Paper banknote with lithographic printing
Series: 1937–1938 Civil War “Ministry of Finance” Issue

Date of Withdrawal: 1 April 1939 (demonetized following regime change)


Design Features

Obverse: Allegorical bust of a woman wearing a Phrygian cap, symbolizing liberty and republicanism Brown, black, and green print with blue underprint Geometric background and side motifs Text: “REPÚBLICA ESPAÑOLA – EMISIÓN 1938 – MINISTERIO DE HACIENDA Y ECONOMÍA” Red serial number Signatures:

Antonio Sacristán Colás – General Director of the Treasury, Banking and Savings
Adolfo Sixto Hontán – General Comptroller of the State Administration

Reverse: Bridge of Toledo in Madrid, rendered in baroque architectural detail Blue and black print with geometric framing Text: “2 PESETAS” centered

Watermark: None reported


Why Collect This Banknote?

The 1938 2 Pesetas note is a compelling artifact from Spain’s Second Republic, issued amidst civil unrest and ideological conflict. Its allegorical imagery and architectural tribute to Madrid’s heritage reflect the Republic’s aspirations for unity and progress. As a short-lived emission, it holds historical weight and rarity, making it a valuable addition to any collection focused on European political transitions or 20th-century Spanish numismatics.