1 Peseta

By 1951, the 1 Peseta note occupied an awkward position in the Spanish monetary system — its face value had been so eroded by postwar inflation that it barely functioned as a spending unit, yet the Banco de España continued producing it. Coins of the same denomination existed simultaneously, which made the note largely redundant in daily use.

Engraved by José Luis López Sánchez-Toda, one of the FNMT's most accomplished intaglio specialists of the mid-century period. The watermark is the sole security feature — modest protection for a denomination that few would have bothered to counterfeit.