1 Peseta

By 1948, the peseta had been through a decade of post-Civil War monetary disorder, and the Banco de España was still issuing fractional paper largely because coin shortages — partly a product of wartime metal diversion and partly of Franco-era economic mismanagement — made low-denomination coinage unreliable in circulation. The 1 peseta note filled that gap pragmatically.

López Sánchez-Toda was one of the FNMT's most technically accomplished engravers of the mid-century period, and his work on this series reflects the intaglio precision the Madrid facility was capable of at its best. The small format demanded tight engraving discipline — there is little room for error at that scale.

Pick #135 is one of several 1 peseta types from this period that collectors frequently conflate; the 1948 date distinguishes it from the superficially similar 1951 issue.