1 Peseta

Printed in Fascist Italy for Nationalist Spain, this note's production circumstances reflect the military and political alignment between Franco's movement and Mussolini's government during the Civil War. The Milan printer Calcografía e Cartevalori — operating under various trade names during this period — handled intaglio currency work for several foreign clients, and the Spanish commission was entirely consistent with that commercial relationship.

The 1938 date places production during the war's final phase, well before Franco's forces had full territorial control. Notes printed abroad had to be physically transported into Spain under conditions that were anything but routine.