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| 正面描述 | Intaglio vignette of the Dame of Elche bust at right, rendered in fine engraved detail with guilloche underprint at center. Denomination numeral '1' at lower left within ornate border. Three manuscript signatures appear below the issuer inscription. |
|---|---|
| 正面铭文 | BANCO DE ESPAÑA UNA PESETA DE CURSO LEGAL Madrid 19 de Junio de 1948 EL GOBERNADOR EL INTERVENTOR EL CAJERO REPRODUCCIÓN AUTORIZADA (Translation: BANK OF SPAIN ONE PESETA LEGAL COURSE Madrid June 19, 1948 THE GOVERNOR (signature) THE AUDITOR (signature) THE CASHIER (signature) AUTHORIZED REPRODUCTION) |
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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.