2 pesetas 1938

Common. eBay market data shows consistent sales in the $7–$15 range for ungraded UNC specimens from 2010–2024, with occasional PMG 66-graded examples reaching $20–$36. The 2016 catalog value for UNC was $25. The regular circulation throughout these decades and stable pricing indicate a substantial surviving population. This was a regular issue with no documented short print run, recall, or supply restrictions that would elevate rarity status.

Issued by the Ministerio de Hacienda y Economia during 1938, this note was produced during the Spanish Civil War period by the Republican government. The allegorical Liberty figure on the obverse reflects Republican ideological values, while the architectural bridge on the reverse—identifiable as the Puente de Alcántara or similar Toledo-area bridge—represents Spanish cultural and engineering heritage. The 'CERTIFICADO PROVISIONAL DE MONEDA DIVISONARIA' (Provisional Certificate of Divisional Currency) inscription indicates this was emergency currency issued during the conflict, making it an important historical artifact of Spain's turbulent 1930s.

The obverse presents a classical female allegorical figure—personifying Liberty—positioned in a centered oval frame with ornate circular borders. This portrait is flanked by decorative botanical elements and blue shield designs, with the denomination prominently displayed on both left and right margins. The color scheme employs red, blue, and green ornamental elements on a cream background. The reverse features a detailed engraved architectural monument: a multi-arched stone bridge with supporting towers and columns, enclosed within an elaborate circular ornamental frame. Large decorative fan or shell-like patterns occupy the corners, with extensive filigree border work throughout. The dominant colors shift to purple and white engraving on the reverse. The entire composition reflects the neoclassical style typical of early-to-mid 20th century Spanish currency design.

FRONT SIDE: 'REPUBLICA ESPAÑOLA' (Spanish Republic), 'EMISIÓN 1938' (Emission 1938), '2 PESETAS' (denomination, appears twice), 'MINISTERIO DE HACIENDA Y ECONOMIA' (Ministry of Finance and Economy), 'CERTIFICADO PROVISIONAL DE MONEDA DIVISONARIA' (Provisional Certificate of Divisional Currency), 'EL INTERVENTOR DE LA ADMINISTRACIÓN DEL ESTADO' (The Comptroller of State Administration), 'FÁBRICA NACIONAL DE MONEDA Y TIMBRE' (National Mint and Stamp Office). BACK SIDE: '2 PESETAS' (denomination, appears twice), 'BROCATVNS' (stamped overprint, likely a later administrative or institutional mark), 'B337 F3O38' (serial or reference number).

Intaglio engraving (copperplate), produced by the Fábrica Nacional de Moneda y Timbre, Madrid. The fine-line engraving is evident throughout both sides, with complex security patterns including wavy-line background printing and detailed portrait work. The layered color application (red, blue, green on obverse; purple on reverse) indicates multi-pass engraved printing. The red stamped overprint 'BROCATVNS' visible on the reverse is a later hand-stamp or administrative marking, not part of the original printing.

This is the standard P-95 variety (2 Pesetas, 1938). The note displays the 'BROCATVNS' red stamp overprint on the reverse, which appears to be a post-issue institutional or administrative marking rather than a distinct cataloged variety. The serial number reference visible is 'B337 F3O38'. No signature varieties are readily apparent from the visual analysis, though the front side inscriptions indicate this was countersigned by 'EL INTERVENTOR DE LA ADMINISTRACIÓN DEL ESTADO' (State Administration Comptroller). PMG has catalogued 1 variant for Pick P-95.