1938 100-peseta banknote (Lady of Elche): the banknote that never entered circulation
If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 100 PESETAS, and the date Barcelona, March 11, 1938, this is what you have: the banknote cataloged as Pick-90, a banknote that the Republic commissioned but that never entered circulation.
It was commissioned by the Bank of Spain of the Second Republic, which had its headquarters in Barcelona in the midst of the war, from the London printing house Thomas De La Rue. The first proofs bore a Madrid date and a different auditor's signature; the Bank requested corrections and approved the final model in June 1938. However, the war ended before it was put into circulation, and the banknote was never issued.
Here you will find who or what appears on it, how to distinguish it from similar ones, how to check if yours is an original, and what to do if you want to sell it. You will not find prices: I explain why below.
The Lady of Elche: what appears on this banknote
On the obverse, to the left, is the Lady of Elche, the Iberian stone bust found in 1897 in La Alcudia (Elche) and which is now in the National Archaeological Museum in Madrid. In the center, an Iberian sailing ship is navigating. The Lady appears again when held up to the light, as a watermark.
On the reverse, the Palm Grove of Elche: a path between palm trees, with the coat of arms of the Republic above, and to the left, a blank oval where the watermark is placed. It is one of the most beautiful and well-known designs of the peseta, although it was never used.
Banknote factsheet
| Face value | 100 pesetas |
|---|---|
| Date of banknote | Barcelona, March 11, 1938 |
| Pick Catalog | P-90 |
| Edifil Catalog | NE34 (unnumbered) and NE34A (numbered) |
| Status | Not issued |
| Printer | Thomas De La Rue & Co., London |
| Print run | 20,000,000 unnumbered copies |
| Watermark | The Lady of Elche |
| Signatures | Luis Nicolau d'Olwer (governor) and Antonio Victoriano Martín Martín (auditor); the cashier's space is usually blank |
| Obverse | The Lady of Elche and an Iberian ship |
| Reverse | The Palm Grove of Elche and the Republic coat of arms |
How to know if yours is original
Many originals of this banknote are preserved, but reproductions are also in circulation: it is a very eye-catching design and has been copied on prints, catalog facsimiles, and souvenirs. It is best to rule this out first.
It was printed in London by the firm Thomas De La Rue, one of the world's great banknote printers, using the intaglio technique. This leaves specific marks that a modern reproduction does not have:
- Relief to the touch. Run your fingertip over the portrait, the figures, and the title letters: on an original, you can feel the ink's raised texture. 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 paper. When held up to the light, the watermark should appear formed within the paper, not printed on top.
- Banknote paper, not photocopier paper. The original is a durable paper with body that makes a sound when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Read the printer's imprint. Under the frame, on the obverse and reverse, in tiny letters: "Thomas de la Rue & Coy. Ltd. London, England."
- Look at the Lady against the light. In the blank oval on the reverse, the Lady of Elche should appear formed within the paper.
- Look at the numbering. Usually, it does not bear a number and the cashier's signature space is empty: that is how the run that was never issued remained. It is not a defect.
- Rare variants. Numbered copies, specimens with the number 0000000 or the word SPECIMEN, and color proofs are something else: very scarce pieces. If yours is one of those, do not touch it and send me photos.
I will confirm it for free. If it turns out to be a reproduction, I will tell you anyway: I gain nothing by making you believe otherwise.
Original or facsimile? I will tell you today, with no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
Is your banknote worth anything? It depends on which one you have
I will be clear: of the common copy, the one without a number, quite a few appear. 20 million were printed, and as they never circulated, many have survived in good condition. That is why what matters here is that it is perfect: no stains, no creases, and no touched corners. One with defects is of little interest.
To find out if it is truly perfect, look at it under tangential light: turn off the ceiling light, place a lamp or light from a window to the side, almost grazing the banknote, and tilt it slowly. This reveals folds, crease marks, and pressed areas that cannot be seen head-on. A banknote that looks new at first glance often has a fold in the center.
It is a different matter for numbered copies, specimens, and color proofs: there, we are talking about important pieces, and it is best to look at them carefully before deciding anything.
I do not publish price ranges, and I will explain why: the value depends entirely on the specific item, and that does not fit in a table. A generic internet figure only leads 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 stick anything with 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
If yours is perfect, or is one of those rare variants, the process is simple.
You send me photos via WhatsApp—obverse, reverse, a detail of the numbering, and one held up to the light—and I will respond 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 money the same day I receive and verify the piece; if it does not match the photos, I will return it to you and 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 anything, and I can manage the PMG grading or consignment for you.
You do not need to live nearby: I buy throughout Spain using this same system. And if you are from Asturias, I can come to your home without charging you for the visit, or we can see it at my shop in Gijón, at Calle Cabrales 77, by appointment.
Frequently asked questions
What appears on the 100 pesetas banknote of 1938?
On the obverse, the Lady of Elche and an Iberian ship. On the reverse, the Palm Grove of Elche. The Lady also appears when held up to the light, as a watermark.
Why does it have no number or cashier's signature?
Because it never entered circulation. The Republic commissioned it from a London printing house, but the war ended before it could be put into circulation, and the majority of the surviving copies remained unnumbered and without the cashier's signature.
Can it be exchanged at the Bank of Spain?
No. Because it never circulated, it was never legal tender. Its value is purely for collection.
How much is the 100 pesetas banknote of 1938 worth?
The common, unnumbered copy appears with some frequency and is only of interest if it is perfect. Numbered copies, specimens, and color proofs are much scarcer. Send me photos and I will tell you which one you have.
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 relief. If you have any doubts, send me photos and I will tell you for free, even if it turns out to be a facsimile.
Other 100 pesetas banknotes from the Bank of Spain
If you are not quite sure which one yours is, compare it with 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 1903 — "the stoker"
- 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 1946 — Goya
General guide: selling old Bank of Spain banknotes. If you also have pesetas from other periods, here is 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