25 Pesetas replica

The 1946 25 Pesetas is a late Francoist-era issue from a period when the FNMT was producing essentially all Spanish paper currency under strict state control, the private printing contracts of the Republican period having been decisively closed off. What makes this particular entry notable is the designation "replica" — the FNMT produced authorized facsimile copies of certain notes for educational and archival purposes, a practice distinct from the commemorative restrikes sometimes encountered in other European contexts.

Collectors should treat the replica status as the primary variable here. Originals of P#130 are not especially rare, which makes the existence of an authorized copy more curious than urgent.