Online Banknotes Auction Via Stellae #89

Wednesday, 20 December 2023 | Madrid, 16:00 CET

Lots not sold available
Auction info Sale Condition

1 | Spanish Banknotes

250 Pesetas. January 1, 1878. Proof without front and back numbering. (Edifil 2021: 279). Very rare, only the cardboard proof is known of this bill, it was never printed. Almost Uncirculated.

PS: We thank Ramón Cobo for his correction in this description where he rectifies the information given by the Edifil catalogue, which indicates that the bill was never produced, and that in turn it was our erroneous source of information.

Two copies are known, one sold publicly in 2008 and drilled and another belonging to the collection of the Bank of Spain with the word Inutilado microdrilled and a stamp on the back of the Bank of Spain branch in Valencia, the latter can be found photographed in the book The Banknotes of the Bank of Spain published in 1974.

The law on issuing banks of 1856 authorized the putting into circulation of banknotes, modifying the minimum value from the 500 reales that had been approved on previous occasions to 100 reales, while maintaining the traditional value of 4,000 reales as the upper limit. When the peseta was established as the official currency and the Bank of Spain saw fit to issue it in that currency (which was not immediately), the denominations of the banknotes underwent a transformation due to the equivalences between reales and pesetas. The first issue in pesetas was in 1874, which was not put into circulation until the following year. From that series, the classic values ​​of 25, 50, 100, 500 and 1,000 pesetas were adopted, the result of the equivalence of the reales values ​​of many banknotes, but not all. The 500- reales bill became the 100-peseta bill, of slightly lower value, and the equivalent of the 1,000- reales ceased to exist.
This was the case, in general terms, in all issues except that of 1878, whose series, like that of 1880, would lack the lower value of 25 pesetas. But in the 1878 issue, an additional determination was made that resulted in a strange bill: giving equivalence to the 1,000 reales with a 250 peseta bill, an atypical value, but which had a certain logic with a decimal-based sequence of bills that began in 25. The Bank had two orders abroad (1875 to the United Kingdom and 1876 to the United States) and perhaps they wanted to give a touch of originality to their product. It is possible, given the quantities printed, that this banknote was produced in an attempt to compensate for a smaller circulation of high denomination banknotes, which were rarely used in the 19th century, or as a precaution to avoid having to put those into circulation for a time. In any case, this 250 peseta note from 1878 was put into the hands of the public in 1880 and coexisted with many others from previous and later issues during its short life.
But beyond this curious denomination (unique in the entire Spanish billet), the relevance of the specimen offered is even greater. If the note issued is extraordinarily rare, one of the most common among Spanish Notafilias, finding what appears to be proof is no less so, given the superlative quality of the copy and the clarity of the printing. The engravings on this banknote were directed by Federico Navarrete and the paper comes from the Bank's first order from the Zaragoza producer based in Madrid, Pedro Nolasco Oseñalde.
As a curiosity, this series is signed by José Elduayen as Governor of the Bank of Spain. Elduayen had been Minister of Finance and a firm opponent of the national expansion of banknotes by the Bank of Spain. To put this banknote in more context, we find ourselves in a year in which the Banco de Bilbao's last signs of resistance were being given to maintain the right to issue banknotes. It is also the time of the establishment of branches of the Bank of Spain in Reus and Tarragona after the creation of the first headquarters during the merger process of the provincial banks.

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Starting price: 2.250€
Price realised: 4.750€

2 | Spanish Banknotes

50 Pesetas. April 1, 1880. No series. (Edifil 2021: 277, Pick: 20). Extraordinarily rare, especially without any repairs. Good Very Fine. Encapsulated PMG30 (to give us an idea of ​​the rarity, as of November 1, 2023, it is the only note graded in PMG).

In the midst of the expansion of branches and banknotes throughout the national territory, the Bank of Spain decided to cut contracts with the English and Americans to return to manufacturing banknotes in its workshops. This is how the issue of 1878 arose, followed later by that of 1880. The first was dedicated entirely to writers (although Pablo de Céspedes stood out in more arts), while the one of 1880 is composed of two painters, a poet and a politician. The latter was a strange choice, since it did not stand out in any of the major arts to which banknotes had been dedicated until that moment (apart from allegories, portraits of painters, writers, sculptors and architects had been used). So, why did Pedro Rodríguez de Campomanes appear on a banknote in 1880? Presumably, beyond belonging to a golden era whose characters would be honored years later on other banknotes, the main reason for including Campomanes is not politics, but rather his writing side. A scholar of ancient and modern languages, he was a translator of Arabic and Greek and also the author of an immense work on the Templars. His love for history and his work led him to preside over the Real Academy of History on two occasions. Obviously, his greatest production was focused on the economy and politics and that led him to be appointed Minister of Finance in 1760 and shortly after prosecutor of the Council of Castile, which he would later preside over. Years later he would promote the creation of the Economic Societies of Friends of the Country, of an enlightened nature. In this way, Campomanes always surrounded himself in his home with artists and thinkers, such as Mengs, Ventura Rodríguez, Jovellanos or Cabarrús, to name just a few.
This banknote, of which there are only half a dozen available to the collector, curiously entered circulation quite late when the single banknote of each denomination had already been established for use throughout Spain based precisely on the issues of 1878 and 1880. At that time Construction of the Bank of Spain building began at the confluence of Alcalá Street with Paseo del Prado.
In 1880, a 50 peseta bill was used to buy a tenth of the Christmas Lottery, which could mean almost a monthly salary for many workers without much qualification. Thus, despite its low denomination, it should not have been a common bill among the average citizen. With a ticket like this you could buy a lot of food and a lot of clothes and it is assumed that they were not usually stored. And of course, it was a bill that ended up being counterfeited.

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Starting price: 20.000€
Price realised: 20.000€

3 | Spanish Banknotes

500 Pesetas. January 1, 1884. No series. (Edifil 2021: 285, Pick: 27). Extraordinarily rare especially without any repairs. Good Very Fine. Encapsulated PMG35 (to give us an idea of ​​the rarity, as of November 1, 2023, this note is the highest rated along with another note in PMG, there are no more registered notes).

The January 1884 issue was commissioned from the American Bank Note Company, surely in an attempt to increase the security of Spanish banknotes. The result, although aesthetically extraordinary, was not what was desired, since each and every one of those bills turned out to be counterfeit. Such was the failure of the issue (and the anger over the repeated use of the 25 peseta vignette) that the Bank of Spain cut off relations with the Americans in the bud and returned to its workshop on Atocha Street to continue producing banknotes. However, the Bank put the entire series into circulation over a long period of time.
The broadcasts of 1884 (January and July) represented an explosion of dedications to politicians, but not necessarily from the previous century (which there were), but also to some just a few years after their death (as is the case of Alejandro Mon). . Most of these characters were finance ministers (only Floridablanca would fall outside that category).
A note of this high denomination was worth a fortune at the time, even for those with well-off positions. The director of the Bank of Spain branch in Barcelona, ​​the highest paid, received two of these bills a month. But for most mortals, a bill like this was, at the very least, the salary of several months, if not even a year of work.

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Starting price: 18.000€
Price realised: 19.000€

4 | Spanish Banknotes

50 Pesetas. July 1, 1884. No series. (Edifil 2021: 288, Pick: 30). Very rare, especially without repairs. Good Very Fine. PMG30 encapsulation.
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Starting price: 1.200€
Price realised: 1.700€

5 | Spanish Banknotes

500 Pesetas. July 1, 1884. Without series. (Edifil 2021: 290, Pick: 32). Very rare, professionally repaired. Good Very Fine.

Secretary of State under two monarchs, the Count of Floridablanca is the first politician who was not Minister of Finance to appear in the Spanish bill book. Its inclusion in the denomination of 500 pesetas and not in that of 1,000 is certainly incomprehensible, because although the Marquis of Ensenada held a higher level noble title and his reforms included the creation of the Real Academy of Fine Arts of San Fernando or the Real Giro, the impact of Floridablanca on the country was notably greater: it created the General Directorate of Roads, the Supreme Board of State (future Council of Ministers) and the Imperial Canal of Aragon, it supported the independence of the United States, it participated in the War of Independence and was a driving force in the execution of the plans of Cabarrús de los Vales Reales and the National Bank of San Carlos.
At the design level, the July 1884 issue shows a clear influence of North American banknotes, both because of the central character surrounded by values ​​and because of the highest denominations with two vignettes, something that had hardly been used until then by the workshops of the Bank of Spain (there are some banknotes designed by Carlos Luis de Ribera with double vignettes but the aesthetics are far from American standards). Such is the influence of the creations of the American Bank Note Company, that, on this 500 peseta bill, the vignette used of a girl with a dog is not original, but a copy of an image engraved by Charles K. Burt, who coincidentally he had been the engraver of several of the images of the ABNC issue of 1884. That scene of the girl holding a dog, “The Pets” in the archive of the North American printing press, had been used in the previous decade on several American banknotes. . It is possible that this cartoon represents a nod to history, since if the Bank of Spain rejected working with the ABNC due to the profuse reuse of the “Young Students” scene (whose painting the Bank even bought in a vain attempt to avoid its copy), the fact that the Spanish engravers plagiarized a North American cartoon sounds like revenge.
This bill, at a collectible level, is as rare as its equivalent from the January 1884 issue, that is, very much so.

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Starting price: 5.000€
Price realised: 7.750€

6 | Spanish Banknotes

50 Pesetas. October 1, 1886. No series. (Edifil 2021: 293, Pick: 35). Very rare, especially in this quality and without repairs. Almost Extremely Fine. Encapsulated PMG40 (to give us an idea of ​​the rarity, as of November 1, 2023, it is the second highest graded bill in PMG).
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Starting price: 1.800€
Price realised: 4.750€

7 | Spanish Banknotes

25 Pesetas. June 1, 1889. Series A. (Edifil 2021: 297, Pick: 39). Very rare, especially without repairs and in this quality. Almost Extremely Fine. Encapsulated PMG40 (to give us an idea of ​​the rarity, as of November 1, 2023, this bill is the fifth best rated along with two other bills in PMG).

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Starting price: 1.300€
Price realised: 4.500€

8 | Spanish Banknotes

25 Pesetas. July 24, 1893. No series. (Edifil 2021: 300, Pick: 42). Rare especially in this exceptional quality and without any repair, almost correlative numbering with the one photographed in the Filabo catalogue. EBC++. Encapsulated PMG58 (to give us an idea of ​​the rarity, as of November 1, 2023, it is the highest graded bill in PMG).
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Starting price: 1.400€
Price realised: 3.250€

9 | Spanish Banknotes

1000 Pesetas. May 1, 1895. No series. (Edifil 2021: 303, Pick: 45). Very rare, bill of spectacular presence, which is enhanced by its enormous dimensions. Good Very Fine. PMG30 encapsulation.
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Starting price: 2.000€
Price realised: 3.000€

10 | Spanish Banknotes

100 Pesetas. May 1, 1900. Series D. (Edifil 2021: 308a, Pick: 51a). Very rare. Good Very Fine. PMG30 (small tears) encapsulation.
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Starting price: 750€
Price realised: 900€

11 | Spanish Banknotes

500 Pesetas. October 1, 1903. No series. (Edifil 2021: 311, Pick: 54a). Extraordinarily rare copy, especially without repairs, needle points, without a doubt it is the rarest banknote of the entire 20th century, to give us an idea of ​​its rarity, since 2015 only 7 copies have been offered at public auction. Good Very Fine. PMG30 encapsulation (pinholes).
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Starting price: 12.000€
Price realised: 13.500€

12 | Spanish Banknotes

50 Pesetas. March 19, 1905. No series. (Edifil 2021: 312, Pick: 56). Rare, minimally repaired. Almost Extremely Fine. PMG40 encapsulation (minor repairs).
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Starting price: 650€
Price realised: 803€

13 | Spanish Banknotes

25 Pesetas. September 24, 1906. Nº0,000,000, SPECIMEN drilled in the place of the cashier's signature and on the back circulation control from 0,000,001 to 4,000,000. (Edifil 2021: 314M, Pick: 57s). Extraordinarily rare, from the Bradbury archive. Uncirculated. PMG63 encapsulation (printer's annotations).
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Starting price: 800€
Price realised: 800€

14 | Spanish Banknotes

25 Pesetas. September 24, 1906. Series C. (Edifil 2021: 314a, Pick: 57a). Unusual in this quality. EBC++. PMG58 encapsulation.
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Starting price: 275€
Price realised: 400€

15 | Spanish Banknotes

500 Pesetas. September 24, 1906. Color proofs of front and back, both SPECIMEN drilled. (Edifil 2021: 316Pa, Pick: 60cts1, 60cts2). Very rare, the back minimally repaired, without any importance. Almost Uncirculated. Encapsulated PMG62 ("previously mounted", as most known) / 62NET ("previously mounted", as most known, repaired).
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Starting price: 1.600€
Price realised: 1.700€

16 | Spanish Banknotes

1000 Pesetas. May 10, 1907. No series. (Edifil 2021: 317, Pick: 61a). Very rare, especially without any repair and in this exceptional quality, imperceptible needle points. EBC+++. Encapsulated PMG58 (closed pinholes) (to give us an idea of ​​the rarity, as of November 1, 2023, the bill is the highest rated in PMG).
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Starting price: 2.750€
Price realised: 4.250€

17 | Spanish Banknotes

1000 Pesetas. July 15, 1907. Color proof of front and back, without numbering and SPECIMEN drilling. (Edifil 2021: 322Pa, Pick: 66cts1, 66cts2). Very rare. Uncirculated/EBC++. Encapsulated PMG63 ("previously mounted", as most of those known) / 58 ("previously mounted", as most of those known).
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Starting price: 1.800€
Price realised: 1.800€

18 | Spanish Banknotes

1000 Pesetas. July 15, 1907. No series. (Edifil 2021: 322, Pick 66a). Very rare in this condition and minimally repaired. EBC++. PMG58 encapsulation (minor repairs).
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Starting price: 900€
Price realised: 920€

19 | Spanish Banknotes

Impressive set of 7 color proofs of the reverse of the unissued 25 Pesetas in different colors (most known colors must be represented), from the issue of December 1, 1908, with edges of the sheet on the left. (Edifil 2021: NE14Pb). Uncirculated/ Almost Uncirculated.
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Starting price: 275€
Price realised: 700€

20 | Spanish Banknotes

25 Pesetas. September 25, 1910. Republic of Spain and signed by Antonio Fáres de Zúñiga. (Edifil 2021: not catalogued). Very strange, the first time we have evidence of this bill. Almost Extremely Fine.

The story of this curious document is that of a Spanish rogue or swindler living in Chile. As can be seen in the imprint on the back, it is supposedly produced by the Imprenta de la Libertad, located on Avenida Colón in Valparaíso (Chile). And what does Chile, the Spanish Republic and this Antonio Fares de Zúñiga who signed the document with a stamp look like? It was simply a scam. Let's carefully examine the specimen.
First of all, the vignettes are made using offset with various inks and with the characteristic dot pattern of a technique widely used in magazines and newspapers. The offset used in the manufacture of banknotes is made with a single ink and without a lattice. But beyond the poor quality of the designs there are more clues that lead us to understand something suspicious. Obviously the date is absurd. Spain at that time was a monarchy and at most it could be a document that served to raise funds and fight for the establishment of a republic. The exclusive recognition of these bills only if they are signed by the author is a relevant fact because it is absurd. No Spanish government has acted like this. In addition, it offers a premium of 25% on the nominal amount in payments to the State. Such an instruction is inconsistent with legal practices in Spain. Yes, shenanigans have been done, but not so directly. But the last straw is the spelling mistakes. Ignoring the strangely Carlist claim that the exchange of the banknotes would financially support (since it seems that until Fernando VII the kings were acceptable to the author; then not), we find the word “abulidos” instead of “abolidos”, “Prin” instead of ”Prim” or “had” instead of “had”. Other times, other spellings, someone may claim, although they are rather talking about the author. The mention of this character as a supposed delegate of some committees is equally hilarious. To make matters worse, we are in a time in which the Bank of Spain has the sole privilege of issuing banknotes and this document is not part of it. And it also threatens that the Republican Government would “ignore” (that is, would not recognize) the value of that bank's notes if they refused to exchange these documents. A joke, come on.
Searching the literature we found that this Antonio Fares de Zúñiga was denounced by a worker at the Universo Printing and Lithography of Valparaíso for having sent five and twenty-five peseta bills to be manufactured in the name of the Spanish government. Spanish diplomats considered it merely a scam. This Fares de Zúñiga ended up arrested during an unauthorized rally, in which we assume he was trying to raise funds for the republican cause. As quoted by the publication we read, in a letter from the Spanish consul in Valparaíso to the Spanish minister in Chile (the ambassador) dated February 23, 1911, “the act itself is perfectly ridiculous, the work of a fool with points and edgings of a scoundrel and a vulgar swindler.”
Thus, the copy that we show is a witness of the Spanish picaresque abroad, a very interesting and unique document in our eyes. Presumably the 5 and 25 peseta “bills” mentioned were seized and destroyed.

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Starting price: 160€
Price realised: 220€

21 | Spanish Banknotes

500 Pesetas. January 23, 1925. NOT ISSUED and unnumbered. (Edifil 2021: NE22, Pick: 69A). Very rare. Good Extremely Fine. PMG55 encapsulation (previously mounted).
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Starting price: 2.500€
Price realised: 3.250€

22 | Spanish Banknotes

100 Pesetas. July 1, 1925. No numbering, Bradbury red seal and no cashier's signature. (Edifil 2021: 323Mb, Pick: 69s). Very rare, original finish. EBC+++. PMG58EPQ package.
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Starting price: 800€
Price realised: 950€

23 | Spanish Banknotes

100 Pesetas. July 1, 1925. No series. (Edifil 2021: 323, Pick: 69a). Very rare in this exceptional quality, original sizing. EBC++. PMG55EPQ package.
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Starting price: 175€
Price realised: 180€

24 | Spanish Banknotes

1000 Pesetas. July 1, 1925. Without series, numbering 0,000,000, without the cashier's signature and SPECIMEN drilling. (Edifil 2021: 324M, Pick: 70s). Extraordinarily rare, especially in this exceptional quality and with the word SPECIMEN in the upper margin, original sizing, matches the one photographed in the Filabo catalogue. Uncirculated. PMG64EPQ package.
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Starting price: 1.200€
Price realised: 1.500€

25 | Spanish Banknotes

1000 Pesetas. July 1, 1925. No series and numbering prior to 3646000 (this numbering is rarer, especially in high qualities). (Edifil 2021: 324, Pick: 70a). Extraordinarily rare and even more so in this exceptional quality. EBC++. Encapsulated PMG58 (to give us an idea of ​​the rarity, as of November 1, 2023, this bill is the highest rated along with three other bills in PMG).
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Starting price: 275€
Price realised: 340€

26 | Spanish Banknotes

500 Pesetas. June 1, 1927. Without serial, without cashier's signature and CANCELLED drilling, from the Bradbury archive. (Edifil 2021: 327Pc, Pick: 73cts). Extraordinarily rare, especially in this exceptional quality, handwritten annotations in the upper margin and control letter in the upper right corner, original sizing. Good Extremely Fine. PMG55EPQ encapsulation (printer's annotations).
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Starting price: 1.200€
Price realised: 2.300€

27 | Spanish Banknotes

500 Pesetas. July 24, 1927. No series, numbering prior to 1602000 and very low (0000526). (Edifil 2021: 327, Pick: 73a). Rare in this quality, especially with the Alfonso XIII numbering and original sizing. EBC+++. PMG58EPQ package.
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Starting price: 450€
Price realised: 2.000€

28 | Spanish Banknotes

25 Pesetas. August 15, 1928. Series A and numbering up to 7780000. (Edifil 2021: 328a, Pick: 74b). It retains much of the original finish. Good Extremely Fine.
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Starting price: 15€
Price realised: 30€

29 | Spanish Banknotes

100 Pesetas. August 15, 1928. No series. (Edifil 2021: 355, Pick: 76a). It retains all its original finish. Almost Uncirculated.
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Starting price: 50€
Price realised: 75€

30 | Spanish Banknotes

Proof of the front and back in black (adhered together) and without margins of the 1000 Pesetas bill issued on August 15, 1928, without numbering (Filabo: 140p). Very rare. Extremely Fine. It coincides with the one photographed in the Filabo catalogue, so we deduce that it is the only test of this type known to date.
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Starting price: 275€
Price realised: 460€

31 | Spanish Banknotes

50 Pesetas. September 24, 1906. Series B and dry seal PROVISIONAL GOVERNMENT OF THE REPUBLIC / APRIL 14, 1931. (Edifil 2021: 337, Pick: 58b). Very Fine.
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Starting price: 40€
Price realised: 70€

32 | Spanish Banknotes

100 Pesetas. July 1, 1925. Series B and dry seal PROVISIONAL GOVERNMENT OF THE REPUBLIC / APRIL 14, 1931. (Edifil 2021: 344, Pick: 69b). Good Very Fine.
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Starting price: 30€
Price realised: 160€

33 | Spanish Banknotes

50 Pesetas. May 17, 1927. Without series and dry seal PROVISIONAL GOVERNMENT OF THE REPUBLIC / APRIL 14, 1931. (Edifil 2021: 339, Pick: 72b). Rare in this quality, it retains much of its original finish and a small age stain in the upper left corner. EBC+++.
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Price: 400€

34 | Spanish Banknotes

50 Pesetas. August 15, 1928. Without series and dry seal PROVISIONAL GOVERNMENT OF THE REPUBLIC / APRIL 14, 1931. (Edifil 2021: 340, Pick: 75a). It retains much of the original finish. Good Extremely Fine.
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Starting price: 70€
Price realised: 180€

35 | Spanish Banknotes

25 Pesetas. April 25, 1931. No series. Front and back color tests, SPECIMEN drilling. (Edifil 2021: 358Pa, 358Pb, Pick: 81pp1, 81pp2). Very rare, they match those photographed in the Filabo catalogue. Uncirculated. PMG63/65EPQ package.
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Starting price: 1.400€
Price realised: 1.400€

36 | Spanish Banknotes

500 Pesetas. April 25, 1931. No series. Front and back color tests, SPECIMEN drilling. (Edifil 2021: 361Pa, 361Pb, Pick: 84pp1, 84pp2). Very rare. Uncirculated. Encapsulated PMG63, both ("previously mounted", like most of those known).
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Starting price: 1.400€
Price realised: 1.400€

37 | Spanish Banknotes

1000 Pesetas. April 25, 1931. No series. Front and back color tests, SPECIMEN drilling. (Edifil 2021: 362Pa, 362Pb, Pick: 84App1, 84App2). Very rare, minimally repaired back of no importance. Almost Uncirculated. Encapsulated PMG63 ("previously mounted", as most of those known) / 62 ("previously mounted", as most of those known, "minor repairs").
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Starting price: 1.600€
Price realised: 2.600€

38 | Spanish Banknotes

1000 Pesetas. April 25, 1931. No series. (Edifil 2021: 362, Pick: 84Aa). Rare, original finish. EBC+++. PMG58EPQ package.
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Starting price: 375€
Price realised: 700€

39 | Spanish Banknotes

5 Pesetas. 1935. Silver Certificate. Series A. (Edifil 2021: 363a). It retains all its original finish. Almost Uncirculated.
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Starting price: 10€
Price realised: 11€

40 | Spanish Banknotes

500 Pesetas. January 7, 1935. Specimen Nº34, number 0000000, black mark of La Rue and without the cashier's signature. (Edifil 2021: 365Ma, Pick: 89s). Very rare and spectacular. Uncirculated. PMG64 encapsulation ("previously mounted", like most of those known).
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Starting price: 750€
Price realised: 800€

41 | Spanish Banknotes

50 Pesetas. July 22, 1935. Without series, numbering 0,000,000, without cashier's signature, handwritten in the margins "Approved by the General Council, in today's session, the present proof for the obverse of this bill. Madrid, February 28 of 1936. The general secretary and signature of the cashier", specimens with annotations are very unusual. (Edifil 2021: 366M, Pick: 88as). Very rare. Extremely Fine. PMG50 encapsulation (printer's annotations, staple holes).

The process of designing a banknote begins with the signing of the contract between the bank and the printer. However, the turning point of the process is the presentation of different alternatives, usually colored (sometimes also with slight design changes), to the client. At that point, the bank makes the decision as to which front and which back should be final and the printer has the formal approval to ink the plates, load the paper and start the machines. These color tests are identified (at that time by letters in those of Bradbury or letters and numbers in those of Thomas de la Rue), in order to be able to refer univocally to each one.
The approval by the Board of the Bank of Spain was reflected in a text on the accepted copy(s). This text was normally limited to mentioning the word “approved” in a short sentence together with the date of the Council meeting. In the case of this 1935 50 peseta copy, the approval of the obverse identified as “B” was on February 28, 1936. The signature corresponds to the secretary of the council, Joaquín Alcaraz.
This type of specimen, of extraordinary historical value, allows us to better understand the internal vicissitudes of the Bank when selecting the winning designs. And it is certainly striking that the explicit approval is on the obverse. The reverse “D” appears crossed out as if it were not accepted, although it was ultimately the one used in manufacturing.

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Starting price: 1.300€
Price realised: 3.250€

42 | Spanish Banknotes

50 Pesetas. July 22, 1935. Series A. (Edifil 2021: 366a, Pick: 88b). Natural waviness from the manufacturing process (this is the only reason for "removing" the Uncirculated), it retains much of its original size. Good Extremely Fine.
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Starting price: 100€
Price realised: 140€

43 | Spanish Banknotes

Reverse proof of 25 Pesetas of 1938 Not issued. (Edifil 2021: NE28AP). Strange. Uncirculated.
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Starting price: 375€
Price realised: 950€

44 | Spanish Banknotes

2'50 Pessetes. September 25, 1936. Generalitat of Catalonia. Series A, in black. (Edifil 2021: 372, Pick: S591b). Rare in this quality. Uncirculated. Encapsulated PMG64 (to give us an idea of ​​the rarity, as of November 1, 1936, this bill is the third highest graded in PMG).
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Starting price: 650€
Price realised: 650€

45 | Spanish Banknotes

500 Pesetas. September 1936. Proof of the Generalitat of Catalonia Not Issued and artistically crafted by hand. (Not cataloged in Edifil or Filabo). Very rare. Almost Uncirculated.
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Price: 1.000€

46 | Spanish Banknotes

5 Pesetas. November 1, 1936. Santander Branch, presignature of the Spanish Credit Bank. No serie. (Edifil 2021: 375b, Pick: S581b). Very rare in this exceptional quality. Good Extremely Fine. Encapsulated PMG55 (to give us an idea of ​​the rarity, as of November 1, 2023, it is the highest graded bill in PMG).
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Starting price: 750€
Price realised: 2.500€

47 | Spanish Banknotes

50 Pesetas. November 1, 1936. Santander Branch, pre-signature of Banco Mercantil. No serie. (Edifil 2021: 378f, Pick: S584d). Very rare in this exceptional quality. Good Extremely Fine. Encapsulated PMG55 (to give us an idea of ​​the rarity, as of November 1, 2023, it is the highest graded bill in PMG).
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Starting price: 450€
Price realised: 450€

48 | Spanish Banknotes

5 Pesetas. November 5, 1936. Gijón Branch. No serie. (Edifil 2021: 380, Pick: S571). Rare in this quality. Almost Extremely Fine.
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Starting price: 50€
Price realised: 130€

49 | Spanish Banknotes

100 Pesetas. November 5, 1936. Gijón Branch. No serie. (Edifil 2021: 384, Pick: S575). Unusual in this quality. Almost Extremely Fine.
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Starting price: 50€
Price realised: 65€

50 | Spanish Banknotes

Complete series including the 25 Céntimos, 40 Céntimos, 50 Céntimos, 1 Peseta and 2 Pesetas. 1937. Pairs without guillotining and without numbering. Asturias and León. No serie. (Edifil 2021: 394/98). Uncirculated/ Almost Uncirculated.
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Starting price: 900€
Price realised: 1.500€