1 Peseta replica

The 1948 1 Peseta series was among the smallest-denomination notes issued under the Franco regime, at a moment when coin shortages made low-value paper genuinely necessary for everyday transactions. The Fábrica Nacional de Moneda y Timbre had handled Banco de España printing continuously since the Civil War years, giving the post-war series a consistency of production that distinguished Spanish issues from many contemporaries relying on foreign presses.

This example is identified as a replica — a reproduction rather than an original issue. Collector replicas of the P#135a exist in reasonable numbers and are occasionally encountered without clear marking, making verification of genuine examples worthwhile.