20 Pesetas - Alfonso XIII 1st portrait

Restrikes from the Years 1961 and 1962:

In 1961 and 1962, during the dictatorship of Francisco Franco, a series of gold coins from earlier periods were restriked in Spain. These coins are identical in design and technical characteristics to those minted in the 19th century. The restrikes are the 10 Pesetas and 25 Pesetas of Alfonso XII, and the 20 Pesetas (two types) and 100 Pesetas of Alfonso XIII.

As there are no official sources, their origin and purpose are unknown, though many hypotheses exist. Below is a description of these restrikes and their origin, according to the source "NGC Collectors Society":

“Official Restrikes of certain 1876-1897 Gold Circulation Issues. 
In 1962 Spain's government mint in Madrid (F.N.M.T.) entered into an agreement with a private company, Central American Investment Trust of Vaduz (Liechtenstein), to produce restrikes of 10-, 20-, 25-, and 100-peseta gold coins using the original dies from Alfonso XII and Alfonso XIII coinage. CAIT supplied the mint with 40 ingots of pure gold (16,000 ounces worth $560,000 at $35/ounce). The mint processed the gold into coins and returned 85% of the original bullion value to CAIT, after subtracting for shrinkage and an agreed amount for expenses and profit ("after deducting losses and profits"). [Sources: "Memoria expositiva de los trabajos realizados en la Fábrica Nacional de Moneda y Timbre durante el ejercicio 1962," p.19; and Firmenindex des Handelsregister Liechtenstein, www.oera.li.]
FNMT's memoirs for the year 1961 record that the restrike project started in 1961 with the inventory and preparation of the dies to be used. Thus the restrikes carry the star dates of 19-61 as well as of 19-62.
According to Cayón Numismática in Madrid, CAIT took advantage of a Spanish law that had never been repealed, that a party presenting gold bullion to FNMT had the right to have it minted into gold coins. ("...these restrikes are due to the fact that a foreign company took advantage of the Spanish law that allowed all the metal brought to the Factory to be minted in gold, since this law had never been repealed."). CAIT marketed the restrikes to collectors in Spain and elsewhere.

The restrikes are considered official Spanish government issues and are catalogued in all major reference guides, including Krause-Mishler, Schlumberger, Calicó, and Cayón.