This is an unusual tilted die clash found on a series 1963, minted in 1965, 1 Peseta from Spain.

Since this coin has been struck by dies in the coin strike position, instead of the medallic strike (used in the British empire), the clash marks should be head to tail.

However, in this case the clash marks are seen head to head. Or, in other words, the clash event occurred when the dies were in the medallic position.

If you look at the picture to the left of the reverse die, you can clearly see the letters DE clashed just top the left of the eagles head.

A quick check of the obverse die shows the reciprocal clash mark left by the banner as it passes through the DE.

The overlay provided shows the relative position of the dies when they did clash. See ADC-ES1P-1963-02 for a tilted die clash in the coin strike position.