Alfonso XIII's reign, spanning from his birth in 1886 until the proclamation of the Second Spanish Republic in 1931, was a period marked by significant political turbulence and social transformation within Spain and its dwindling empire. The issuance of the 1 Peseta coin under his rule symbolizes the economic policies and the national identity of Spain during this tumultuous era. The Peseta, established as the national currency in 1869, following the revolution and before Alfonso's reign, became a symbol of modernity and unity in a country grappling with the challenges of the 20th century, including industrialization, regional tensions, and the loss of its last major colonies in 1898 after the Spanish-American War.

Alfonso XIII's period was characterized by attempts to stabilize and modernize Spain's economy amidst political instability, including frequent changes in government and the impact of World War I, in which Spain remained neutral. This neutrality, however, allowed Spain to become an economic intermediary in international trade during the conflict, which influenced the value and circulation of the Peseta.

The 1 Peseta coin, therefore, was not merely a unit of currency but also a token of Spain's complex journey through modernization, its aspirations for national unity, and its struggles with internal divisions and external pressures. The coin under Alfonso XIII's reign embodied the era's economic ambitions and the challenges of maintaining stability in a rapidly changing world. Collectors and historians alike cherish these coins for their historical significance, offering insights into the socio-political and economic conditions of early 20th-century Spain.