1937 100-peseta banknote (Castaños): the banknote that never circulated
If you have before you a banknote that reads EL BANCO DE ESPAÑA, 100 PESETAS and the date Burgos, July 18, 1937, this is what you have: one of the rarest 20th-century Bank of Spain banknotes, a note that never entered circulation.
It was commissioned by the Bank of Spain in Burgos, which operated in the Nationalist zone during the Civil War, from a printing house in Milan (Italy), along with other banknotes from the same series, such as the 25 peseta note featuring Columbus. It bears the inscription "II Año Triunfal" (Second Triumphal Year) and the date of the first anniversary of the start of the war. The series was never issued and the notes were destroyed, so very few are known to exist outside of archives.
Here you will find who is featured on it, why it is so rare, how to check if yours is an original, and what to do if you think it is. You won't find prices: I explain why further down.
General Castaños: who is the face on this banknote?
Francisco Javier Castaños (Madrid, 1758 – 1852) was the general who commanded the Spanish army at the Battle of Bailén in July 1808: the first time a Napoleonic army surrendered in open field. That victory earned him the title of Duke of Bailén. The obverse shows his bust, facing forward, to the right, and in the center, in green, the coat of arms of Spain with those of its former kingdoms.
The reverse, in shades of violet and gray with the label "Batalla de Bailén," reproduces the painting The Surrender of Bailén by José Casado del Alisal, which is in the Prado Museum.
Banknote fact sheet
| Face value | 100 pesetas |
|---|---|
| Date of note | Burgos, July 18, 1937 ("II Año Triunfal") |
| Pick catalog | P-106C |
| Condition | Not issued: the print run was destroyed |
| Printer | Calcografia & Cartevalori, Milan (Italy) |
| Dimensions | 127 × 72 mm |
| Watermark | Coat of arms |
| Signatures | Ramón Artigas Gracia, Antonio García Victoria and Juan Villarroya Masfarner |
| Known examples | Very few |
| Obverse | General Castaños and the Spanish coat of arms |
| Reverse | "Battle of Bailén," based on the painting by José Casado del Alisal |
How to tell if yours is an original
Here, the rule is the opposite of almost all other banknotes: since so few originals are known, it is highly likely that yours is a reproduction. It is a very striking design and has been reproduced in prints, facsimile collections, and souvenirs. Don't worry: I'll tell you either way.
An original is a real banknote, engraved and printed at a security printer. This leaves specific marks that a reproduction does not have:
- Raised ink (intaglio). Run your fingertip over the portrait, the numbers, and the title letters: on an original, you can feel the raised ink. An offset-printed facsimile is completely flat.
- Engraved lines, not a dot pattern. 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 paper. When held up to the light, the watermark should appear to be formed within the paper, not printed on top.
- Banknote paper, not photocopier paper. An original is a resistant, sturdy paper that makes a sound when flicked. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Read the date and inscription. It should say "Burgos, 18 de julio de 1937" and, below that, "II Año Triunfal". On the reverse, at the bottom right, the label "Batalla de Bailén".
- Measure it. The original measures about 127 × 72 mm. Prints and souvenirs are usually larger or have different proportions.
- Check the printer's credit. Beneath the obverse frame, in tiny letters, is the Milan (Italy) printing house. In many reproductions, that line is blurry or illegible.
- Be wary of shiny paper. Satin, cardstock-thick paper, or a white, smooth reverse are signs of a print or souvenir, not a banknote.
I will verify it for free. If it turns out to be a reproduction, I'll tell you anyway: I gain nothing by making you believe otherwise.
Original or facsimile? I'll let you know today, no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
Is your banknote worth anything? If it's original, yes; but it's likely a reproduction
I'll be clear: many more copies of this note appear than originals, because the original hardly exists outside of archives. If yours is a reproduction, it has no numismatic value. If it passes the checks above, it may be an important piece, and the best thing to do is stop handling it and show it to an expert.
I do not publish price ranges, and here's why: the value depends entirely on the specific specimen, and that cannot fit into a table. A generic figure from the internet only leads to disappointment. Send me photos and I will appraise your banknote, not "one like yours."
And before showing it to anyone: do not iron it, do not wash it, do not stick anything on it with tape, and do not put it in soft PVC. All four actions are irreversible. I explain this in detail in my guide to selling old banknotes.
How I buy them from you
If after checking you still think it might be an original, the process is simple, and with a piece like this, the first step is to see it well, calmly, and, if necessary, in person.
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'm interested, providing a firm offer. I pay for shipping, and I transfer the funds the same day I receive and verify the piece; if it doesn't match the photos, I will return it to you and pay for the return postage.
I'm Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I also provide valuations for insurance or inheritance purposes without buying the items, and I can manage the PMG grading or consignment process for you.
You don't need to live nearby: I buy throughout Spain using this same system. And if you are in Asturias, I can come to your home for a visit at no charge, or we can meet at my shop in Gijón, on Calle Cabrales 77, by appointment.
Frequently asked questions
Who is on the 100 peseta banknote of 1937?
General Francisco Javier Castaños, who commanded the Spanish army at the Battle of Bailén in 1808. The reverse features "The Surrender of Bailén," the painting by José Casado del Alisal.
Why did it never enter circulation?
It was commissioned by the Bank of Spain in Burgos during the Civil War from an Italian printing house, as part of a series that was ultimately not issued. The notes were destroyed and today very few are known.
How do I know if mine is original?
Almost all that appear are reproductions. Check if it has raised ink, if the engraving is continuous-line under a magnifying glass, and if it is banknote paper. If it passes those tests, stop handling it and send me photos: I will review it for free and, if necessary, in person.
How much is the 1937 100 peseta note worth?
If it is a reproduction, nothing. If it were an original, it is a very important piece, because very few are known outside of archives. That is why it must be seen calmly before discussing figures.
The other banknotes in this series
They are from the same Italian series, with the same date and the same history: they also never entered circulation.
- 25 peseta note of 1937 — Columbus (the one that never circulated)
- 1000 peseta note of 1937 — Charles I
Other 100 peseta Bank of Spain notes
If you aren't sure which one you have, compare it with these: they are all 100 pesetas but from different issues.
- 100 peseta note of 1874 — Juan de Herrera
- 100 peseta note of 1875 — Athena
- 100 peseta note of 1876 — Lope de Vega
- 100 peseta note of 1878 — Garcilaso de la Vega
- 100 peseta note of 1880 — Quevedo
- 100 peseta note of 1884 (January issue) — Mendizábal
- 100 peseta note of 1884 (July issue) — Alejandro Mon
- 100 peseta note of 1886 — Goya
- 100 peseta note of 1889 — Goya (second issue)
- 100 peseta note of 1893 — Jovellanos
- 100 peseta note of 1898 — Jovellanos
- 100 peseta note of 1900 — Quevedo
- 100 peseta note of 1903 — "the stoker"
- 100 peseta note of 1906 — the allegories with the lyre
- 100 peseta note of 1907 — Seville Cathedral
- 100 peseta note of 1925 — Philip II
- 100 peseta note of 1928 — Cervantes
- 100 peseta note of 1936 — Burgos Cathedral
- 100 peseta note of 1938 — The Lady of Elche
- 100 peseta note of 1946 — Goya
General guide: selling old Bank of Spain banknotes. If you also have pesetas from other eras, here is which peseta banknotes and coins have value.
Send me a photo of the obverse and another of the reverse and I'll tell you today what you have.
WhatsApp +34 644 54 98 79