1 Peseta replica

Pick 122 is the 1 Peseta issue from 1940, printed by the FNMT in Madrid during the early Franco years when the regime was still consolidating its monetary administration after the Civil War. The Banco de España had resumed normal note production only recently, and small-denomination peseta notes were being printed domestically in quantity to replace the chaotic wartime scrip issues.

The "replica" designation in this catalog listing merits attention: it indicates a facsimile produced for philatelic or educational purposes rather than an original circulating note. Collector demand for the small 1940 peseta denominations is partly driven by their modest survival rate in genuinely circulated condition — low-value notes from this period were used hard.