25 Pesetas replica

The 1940 Banco de España 25 Pesetas series was issued during the early Francoist period, when Spain's monetary infrastructure was being rebuilt after the Civil War had devastated both the economy and the country's printing capacity. The Fábrica Nacional de Moneda y Timbre in Madrid, which had been disrupted during the conflict, resumed full production under the new regime — this series was among the first substantial emissions from a stabilized domestic press.

This example is catalogued as a replica. The original P#107 notes are themselves not rare, which makes the existence of a replica copy — rather than a forgery intended to deceive — the more interesting question here.