1 Peseta replica

The Republican government's 1937 small-denomination issues were a direct response to the hoarding crisis that stripped Spain of virtually all its coinage within months of the Civil War's outbreak. Metal disappeared into mattresses and pockets, and the Republic had to paper over the gap with notes that self-consciously mimicked the feel and scale of coins — hence the diminutive format and the word "replica" stamped on the series, a candid admission that these were substitutes, not proper banknotes.

The Fábrica Nacional de Moneda y Timbre, Madrid's own mint and security printing works, remained under Republican control throughout this period and produced the entire run.