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| 正面描述 | Central vignette with a portrait of Queen Isabel la Católica (1451–1504) set within a cartouche, flanked by the heraldic shields of the historic kingdoms of Spain. Inscriptions identify the issuing bank, denomination, and date, with printed signature titles for Governor, Auditor, and Cashier. An overprint reads REPRODUCCIÓN AUTORIZADA. |
|---|---|
| 正面铭文 | BANCO DE ESPAÑA UNA PESETA MADRID 15 DE JUNIO DE 1945 EL GOBERNADOR EL INTERVENTOR EL CAJERO REPRODUCCIÓN AUTORIZADA (Translation: BANK OF SPAIN ONE PESETA MADRID JUNE 15, 1945 THE GOVERNOR (signature) THE AUDITOR (signature) THE CASHIER (signature) AUTHORIZED REPRODUCTION) |
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The P-125a is a postwar austerity issue, produced as Spain struggled with international isolation following Franco's alignment with the Axis powers. The 1 Peseta denomination in paper was a direct consequence of severe metal shortages — silver and copper had been depleted through wartime demands and the earlier ravages of the Civil War, pushing even the smallest transactional values onto printed paper rather than coin.
The word "replica" in collector parlance for this series refers to later facsimile reproductions issued for educational or commemorative purposes, distinct from the original circulating notes — a distinction that materially affects catalog value and authentication.