1000 Pesetas

The three signatures on this note reflect an unusual institutional arrangement: the Banco de España at this date required sign-off from both the Governor and two deputy directors, a procedural legacy of Franco-era financial controls intended to prevent unilateral monetary action. Goicoechea, an economist and former minister, had been a pre-war critic of the Republic and was rewarded with the governorship in 1940 — he held it until 1951.

López Sánchez-Toda's engraving work for the FNMT during this period is among the finest intaglio output from any Spanish printer of the century. The watermark is the sole concession to modern security; by 1949 standards, an underprotected note for the highest circulating denomination.