1903 100-peseta banknote ("the stoker"): what it is and what to do if you have one
If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 100 PESETAS and the date July 1, 1903, this is what you have: the banknote cataloged as Pick-53.
It is part of the 1902-1903 issue: three banknotes engraved by Bartolomé Maura, the great engraver of the era, and still manufactured in Madrid at the Banco de España's own workshop, a few years before the Bank began commissioning its banknotes from England again.
Here you will find who or what appears on it, how to distinguish it from those that look like it, how to check if yours is original, and what to do if you want to sell it. You won't find prices: I explain why below.
"The stoker": what this banknote represents
This banknote broke with the custom of featuring historical figures. Its obverse is dedicated to the role of the Banco de España in the Industrial Revolution: a man with a shovel, whom collectors call "the stoker," and a child with a palm branch. The reverse features a male figure next to Pegasus in an industrial setting. It was engraved by Bartolomé Maura.
It had very bad luck: counterfeits appeared almost as soon as the first banknotes were issued, and the Bank decided to withdraw and destroy it. According to documentation handled by collectors, about 440,000 copies that were already prepared in the Bank's vaults were burned. That is why it is one of the rarest banknotes of the 20th century today.
Banknote specification
| Face value | 100 pesetas |
|---|---|
| Banknote date | July 1, 1903 |
| Pick catalog | P-53 |
| Printer | Banco de España workshop, Madrid |
| Engraver | Bartolomé Maura |
| Signatures | Antonio García Alix, Emilio Rodero, and Luis Clemente Fabiani |
| Obverse | Man with a shovel ("the stoker") and child with a palm branch |
| Reverse | Male figure next to Pegasus in an industrial setting |
How to know if yours is original
It is worth knowing this first and foremost, because far more reproductions than originals of Spanish banknotes from this era circulate: collector's prints from the seventies and eighties, catalog facsimiles, and press reprints.
This banknote was engraved and printed in the Banco de España's workshop in Madrid, using intaglio technique on quality paper. This leaves specific marks that a modern reproduction does not have:
- Raised ink. Run your fingertip over the design, the figures, and the title letters: on an original, you can feel the raised texture of the ink. An offset-printed facsimile is completely flat.
- Engraved line, not halftone. With a ten-power magnifying glass, the original engraving resolves into fine, continuous lines. If you see a grid of dots, it is a modern print.
- Watermark within the pulp. Held up to the light, the watermark should appear to be formed within the paper, not printed on top.
- Banknote paper, not photocopy paper. The original is a durable, substantive paper that rustles when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Check the exact motif. On the obverse — a man with a shovel and a child with a palm branch. On the reverse — a male figure next to Pegasus.
- Be skeptical first, hopeful later. Since it is so rare, almost everything that appears with this date is a reproduction or a contemporary counterfeit. It is possible that yours is genuine, but it must be checked calmly.
- Do not clean or flatten it. The paper of this banknote was of poor quality, and the few that survive are usually worn. Any homemade "repair" does much more damage than the wear itself.
I will confirm it for you for free. If it turns out to be a reproduction, I will tell you just the same: I gain nothing by making you believe otherwise.
Original or facsimile? I'll tell you today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
What makes it worth more or less
The key question here is not the condition, but whether it is authentic: very few copies remain, and counterfeits circulated from day one. If yours is good, then conservation and repairs do come into play, as with any banknote of the era.
I do not publish price ranges, and I'll explain why: the value depends entirely on the specific specimen, and that does not fit in a table. A generic figure from the internet only serves to lead to disappointment. Send me photos and I will value your banknote, not "one like yours."
And before showing it to anyone: do not iron it, do not wash it, do not tape anything with adhesive tape, and do not put it in soft PVC. All four things are irreversible. I explain this in detail in the guide to selling old banknotes.
How I buy it from you
You send me photos via WhatsApp —obverse, reverse, a detail of the serial number, and one held up to the light— and I will reply in less than 24 hours telling you what you have and, if I am interested, with a firm offer. I pay for shipping, and I transfer the funds the same day I receive and verify the piece; if it does not match the photos, I will return it to you and I will pay for the return postage.
I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also value it just for insurance or inheritance purposes, without selling it, and I can manage the grading by PMG or consignment for you.
It doesn't matter where you live: I buy throughout Spain and the process is the same. If you are in Asturias, I can also come to see it at your home at no cost, or we can look at it calmly at my shop in Gijón, at 77 Calle Cabrales, by appointment.
Frequently asked questions
What appears on the 100 pesetas banknote of 1903?
It does not feature any historical figure. On the obverse, there is a man with a shovel —"the stoker"— and a child with a palm branch, dedicated to the Industrial Revolution. On the reverse, a male figure next to Pegasus.
How do I know if mine is original or a reproduction?
The fastest way: look at the drawing with a magnifying glass (continuous engraved line on an original, dot pattern on a copy) and run your finger over the letters looking for texture. If you have doubts, send me photos and I'll tell you for free, even if it turns out to be a facsimile.
How much is the 100 pesetas banknote of 1903 worth?
It depends entirely on the specimen: the conservation, margins, and any repairs move the price drastically. I don't give blind figures because they wouldn't be honest. With photos, I can tell you what yours is worth in less than 24 hours.
Do you buy it even if it is circulated or has defects?
Yes, provided it is original and not restored. For banknotes of this era, honest circulation is not a problem; what really penalizes the value is repairs.
Why is it so rare?
Because it was counterfeited almost as soon as it was released, and the Banco de España withdrew and destroyed it. Some 440,000 copies that were ready in the Bank's vaults were burned, and very few remain today.
The other banknotes of this issue
Other 100 pesetas banknotes of the Banco de España
If you aren't sure which one yours is, compare it to these: they are all 100 pesetas but from different issues.
- 100 pesetas banknote of 1874 — Juan de Herrera
- 100 pesetas banknote of 1875 — Athena
- 100 pesetas banknote of 1876 — Lope de Vega
- 100 pesetas banknote of 1878 — Garcilaso de la Vega
- 100 pesetas banknote of 1880 — Quevedo
- 100 pesetas banknote of 1884 (January issue) — Mendizábal
- 100 pesetas banknote of 1884 (July issue) — Alejandro Mon
- 100 pesetas banknote of 1886 — Goya
- 100 pesetas banknote of 1889 — Goya (second issue)
- 100 pesetas banknote of 1893 — Jovellanos
- 100 pesetas banknote of 1898 — Jovellanos
- 100 pesetas banknote of 1900 — Quevedo
- 100 pesetas banknote of 1906 — Allegories with the lyre
- 100 pesetas banknote of 1907 — Cathedral of Seville
- 100 pesetas banknote of 1925 — Philip II
- 100 pesetas banknote of 1928 — Cervantes
- 100 pesetas banknote of 1936 — Cathedral of Burgos
- 100 pesetas banknote of 1937 — General Castaños (the one that never circulated)
- 100 pesetas banknote of 1938 — Lady of Elche
- 100 pesetas banknote of 1946 — Goya
General guide: selling old Banco de España banknotes. And if more pesetas have appeared in the same drawer, I'll tell you which peseta banknotes and coins have value.
Send me a photo of the obverse and another of the reverse and I will tell you today what you have.
WhatsApp +34 644 54 98 79