25 Pesetas

Spain's postwar austerity period meant the Banco de España was issuing denominations that had been largely theoretical during the Civil War years — the 25 peseta note returned to circulation as the Franco regime worked to stabilize a currency badly damaged by wartime monetary chaos and the parallel Republican issues that had complicated the money supply through the early 1940s.

The López Sánchez-Toda brothers — José Luis on the obverse plates, Alfonso on the reverse — were staff engravers at the FNMT, and their dual credit on a single note is unusual enough to be worth noting. Watermark-only security was thin for the period, but Spain's relative isolation under autarky made sophisticated counterfeiting logistically difficult.