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1 Peseta replica

Issuer Banco de España
Year 1945
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Value 1 Peseta 1 ESP = USD 0.0071
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Obverse description Central vignette with a portrait of Queen Isabel la Católica (1451–1504) set within a cartouche, flanked by the heraldic shields of the historic kingdoms of Spain. Inscriptions identify the issuing bank, denomination, and date, with printed signature titles for Governor, Auditor, and Cashier. An overprint reads REPRODUCCIÓN AUTORIZADA.
Obverse lettering BANCO DE ESPAÑA
UNA PESETA
MADRID 15 DE JUNIO DE 1945
EL GOBERNADOR
EL INTERVENTOR
EL CAJERO
REPRODUCCIÓN AUTORIZADA
(Translation: BANK OF SPAIN
ONE PESETA
MADRID JUNE 15, 1945
THE GOVERNOR (signature)
THE AUDITOR (signature)
THE CASHIER (signature)
AUTHORIZED REPRODUCTION)
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Comments

The P-125a is a postwar austerity issue, produced as Spain struggled with international isolation following Franco's alignment with the Axis powers. The 1 Peseta denomination in paper was a direct consequence of severe metal shortages — silver and copper had been depleted through wartime demands and the earlier ravages of the Civil War, pushing even the smallest transactional values onto printed paper rather than coin.

The word "replica" in collector parlance for this series refers to later facsimile reproductions issued for educational or commemorative purposes, distinct from the original circulating notes — a distinction that materially affects catalog value and authentication.

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