1000 Pesetas

Bradbury Wilkinson's contract for the 1925 Banco de España series was part of a longer relationship between Spanish monetary authorities and British security printers that predated the Primo de Rivera dictatorship — though the political stability of that regime was precisely what allowed longer-term printing contracts to be renewed without interruption. The three-signature authentication format was standard for high-denomination Spanish issues of this period, with the signatories representing distinct administrative roles within the bank rather than a redundancy check.

The watermark remains the only embedded security feature, modest by contemporary European standards. Bradbury Wilkinson had the technical capacity for far more sophisticated protection at this date, suggesting the specification came from Madrid, not London.