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Gym class: one that Nadal used to value? (6)

Ross

I believe the answer is:

peseta

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'gym class one that nadal used to value?' is the definition.
Although both the answer and definition are singular nouns, I don't understand how they can define each other.

'gym class one' is the wordplay.
'gym' becomes 'pe' (short for Physical Education).
'class' becomes 'set' (I've seen this in other clues).
'one' becomes 'a' (a thing is one thing).
'pe'+'set'+'a'='PESETA'

Can you help me to learn more?

(Other definitions for peseta that I've seen before include "Old unit of money in Spain" , "Pre-Euro Spanish currency" , "Old bit" , "Coin from the sea pet" , "Domestic social" .)

I've seen this clue in The Independent.
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