1 Peseta

Spain's 1 Peseta notes of this period were a direct consequence of the postwar peseta shortage — Franco's economic isolation following World War II made small-denomination notes a practical necessity well into the late 1940s, filling the gap left by coin shortages that the regime struggled to address. The FNMT had been printing peseta notes domestically since the Civil War years, and by 1945 the operation was well established, if chronically under-resourced.

López Sánchez-Toda was one of the FNMT's most accomplished engravers of the mid-century period. The 1 Peseta denomination was among the smallest formats his workshop handled — technically demanding precisely because fine intaglio detail is harder to sustain at reduced scale.