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| 正面描述 | Brown intaglio print over blue, ochre, and brown guilloche underprint. Central vignette presents a limestone bust of the Dame of Elche in left-facing profile, rendered in classical style. Geometric border designs frame the perimeter, with fine-line patterning filling the background field. |
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| 背面铭文 | 1 |
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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.