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| 正面描述 | Intaglio portrait of economist Álvaro Flórez Estrada (1766–1853) at left center, within a purple guilloche border with laurel branch underprint. Denomination numeral "25" appears in all four corners; central text block carries the date and three signature lines over an orange rosette underprint. |
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| 背面铭文 | BANCO DE ESPAÑA 25 PESETAS REPRODUCCIÓN AUTORIZADA (Translation: BANK OF SPAIN 25 PESETAS AUTHORIZED REPRODUCTION) |
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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.