1 peseta 1940

Common. The eBay price tracking data shows numerous sales across various grades (VF to UNC) spanning over a decade with moderate to high bidding activity, indicating reasonable collector demand and regular market availability. UNC examples have sold in the $100-130 range historically, with catalog values around $225 for UNC condition. The existence of PMG-graded examples and the consistent appearance in auction activity confirms this is a regularly encountered note in the market rather than a scarce or rare issue.

This 1 Peseta note was issued just one year after the conclusion of the Spanish Civil War, during the consolidation of Franco's authoritarian regime. The classical allegorical imagery on the obverse, depicting scenes with horsemen and attendants, reflects the Spanish Nationalist government's ideological emphasis on historical grandeur and classical civilization. The heraldic coat of arms on the reverse, featuring the Spanish crown and complex quarterings, reinforces the regime's assertion of legitimate state authority during this period of political reorganization.

The obverse features a complex allegorical composition depicting classical figures on horseback with attendants, occupying the right side of the note in fine engraving. A large colored panel in pink/mauve with orange-yellow corners dominates the left side, likely containing signature lines for bank officials (Governor, Comptroller, and Cashier). The entire design is framed by an ornate blue border with intricate geometric and floral patterns characteristic of early 20th-century Spanish currency design. The reverse displays a centered heraldic achievement featuring the Spanish coat of arms with crown and quartered shield divisions, flanked by large numeral denominations ('1') and surrounded by baroque-style ornamental scrollwork and borders in brown and gray tones. The note's color scheme combines blues, pinks, browns, and creams with black engraving work throughout.

FRONT SIDE: 'BANCO DE ESPAÑA' (Bank of Spain); 'UNA PESETA' (One Peseta); 'DE CURSO LEGAL' (Of Legal Course/Legal Tender); 'Madrid 1º de Junio de 1940' (Madrid 1st of June of 1940); 'EL GOBERNADOR' (The Governor); 'EL INTERVENTOR' (The Comptroller); 'EL CAJERO' (The Cashier); 'GRAFICAS REUNIDAS, S.A. MADRID' (United Graphics, S.A. Madrid). BACK SIDE: 'BANCO DE ESPAÑA' (Bank of Spain); 'PESETA' (Peseta); 'A 7005180' (Serial Number).

This note was produced using traditional intaglio (engraving) printing, as evidenced by the deeply detailed and crisp engraved compositions visible throughout both sides. The fine line work in the classical allegorical scenes, heraldic designs, and ornamental borders are characteristic of high-quality intaglio production. The printer was Gráficas Reunidas, S.A. of Madrid, as noted in the imprint. The colored panels suggest the use of separate color printing plates in combination with the engraved elements, employing multi-pass printing techniques typical of Spanish banknote production during this era.

This note is cataloged as P-121a according to the PMG population report, indicating it is the primary (and possibly only cataloged) variant for Pick number 121. The observed serial number prefix 'A 7005180' in red ink is consistent with the standard production of this issue. No overprints, date variations, or signature varieties are apparent from the visual analysis that would indicate additional catalogable varieties.