1 peseta 1940

Common. The eBay price tracking data shows consistent sales ranging from under $15 to approximately $70 depending on condition, with multiple UNC examples documented at moderate price points ($44-$68). The 2016 catalogue value for UNC at $130 represents a collector baseline, but the active trading history and multiple available examples indicate this is a standard-issue note without significant scarcity. No evidence of restricted print runs or recall issues.

Issued on September 4, 1940, this banknote was produced during the early consolidation of Franco's Spanish regime following the Spanish Civil War. The prominence of Columbus's Santa María galleon reflects Spain's historical maritime glory and colonial heritage, serving as a nationalist symbol during this period of Spanish reconstruction and authoritarian rule.

The obverse features the Santa María, Columbus's flagship from the 1492 voyage, depicted as a detailed multi-masted galleon under full sail within a prominent oval frame. Elaborate scrollwork ornaments occupy the four corners with ornamental border frames throughout. The reverse presents a mirror-symmetrical design centered on a large numeral '1' within an ornamental cartouche, flanked by two classical male profile portraits facing inward in the style of Renaissance medallion portraiture. The entire reverse field is covered with fine microprint security text repeating 'BANCO DE ESPAÑA'. The note employs warm earth tones (beige, brown, gold/tan) on the obverse with gray and black ink on a lighter background on the reverse.

Front side: 'BANCO DE ESPAÑA' (Bank of Spain), 'UNA PESETA' (One Peseta), 'DE CURSO LEGAL' (Legal tender), 'Madrid 4 de Septiembre de 1940' (Madrid September 4, 1940), 'EL GOBERNADOR' (The Governor), 'EL INTERVENTOR' (The Intervener/Inspector), 'EL CAJERO' (The Cashier), 'Santa María' (name of Columbus's ship), 'RIEUSSET S.A. BARCELONA' (printer identification). Back side: 'BANCO DE ESPAÑA' (Bank of Spain), 'UNA PESETA' (One Peseta), 'G 8374527' (serial number), repeating microprint security pattern of 'BANCO DE ESPAÑA'.

Intaglio (line engraving) printing, executed by Rieusset S.A. of Barcelona as identified in the note's inscription. The security features include fine cross-hatching patterns, guilloche decorative patterns in border areas, and extensive microprint covering the reverse field—all characteristic of high-security intaglio banknote production of the 1940s era.

The note is identified as Pick P-122a (Madrid variety) based on PMG population records. The serial number observed is G 8374527, which helps distinguish individual specimens. The September 4, 1940 date is consistent with the single documented issue date for this denomination and printer combination. No overprints or significant variants are apparent in this example.