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| 正面描述 | Black and violet intaglio print over a multicolour guilloche underprint, with red serial numbers. A forward-facing portrait vignette of Spanish economist and politician Álvaro Flórez Estrada is centred, his gaze directed slightly to the left. The field is bordered by intricate geometric and floral ornamental designs, with the issuing authority's legends and denomination inscriptions arranged around the portrait. |
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| 正面铭文 | 25 EL BANCO DE ESPAÑA PAGARÁ AL PORTADOR VEINTICINCO PESETAS MADRID 19 DE FEBRERO DE 1946 EL GOBERNADOR. EL INTERVENTOR. EL CAJERO FLOREZ ESTRADA FCA NAL DE MONEDA Y TIMBRE (Translation: The Bank of Spain Will pay the bearer Twenty-five Pesetas Madrid, February 19, 1946 The Governor. The Comptroller. The Cashier) |
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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.