100 Pesetas

The 1948 series marked the Banco de España's first postwar redesign of its higher denominations, issued while Spain remained under autarky and largely cut off from the international printing networks it had used before the Civil War. Production fell entirely to the FNMT in Madrid — a deliberate assertion of domestic industrial capacity, however strained that capacity was.

Antonio Goicoechea, one of the three signatories, had been a founding figure of the monarchist Renovación Española movement and a pre-war negotiator of covert military aid from Mussolini's Italy. His presence on a Francoist banknote was entirely unremarkable by 1948, but the biography is worth noting.