1946 100-peseta banknote (Goya): what it is and if yours is worth anything

If you have a banknote in front of you that reads EL BANCO DE ESPAÑA, 100 PESETAS and the date Madrid, February 19, 1946, this is what you have: the banknote cataloged as Pick-131.

It is part of the February 19, 1946 issue, already from the post-war period, and it was manufactured in Spain at the Fábrica Nacional de Moneda y Timbre. Although it is dated 1946, it was not put into circulation until December 30, 1949.

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 an original, and what to do if you want to sell it. You will not find prices: I explain why below.

Francisco de Goya: who is the face of this banknote

Francisco de Goya (Fuendetodos, Zaragoza, 1746 - Bordeaux, 1828), court painter to Charles IV and one of the most important Spanish artists of all time. His bust appears on the obverse, older and with his head tilted; when held up to the light, his head appears again as a watermark. It was engraved by José Luis López Sánchez-Toda.

The reverse reproduces The Parasol, one of the cartoons Goya painted for the tapestries of the El Pardo palace, which is now in the Prado Museum: a young woman seated and a young man shading her with a parasol.

Banknote data sheet

Face value	100 pesetas
Banknote date	Madrid, February 19, 1946
Pick catalog	P-131
Printer	Fábrica Nacional de Moneda y Timbre, Madrid
Engraver	José Luis López Sánchez-Toda
Dimensions	139 × 88 mm
Series	No series, series A and series B
Print run	About 30 million copies
Put into circulation	December 30, 1949
Signatures	Antonio Goicoechea Cosculluela, Antonio Victoriano Martín Martín and Antonio Rodríguez Morales de Setién
Watermark	Head of Goya
Obverse	Bust of Francisco de Goya
Reverse	«The Parasol», tapestry cartoon by Goya

How to tell if yours is an original

Many originals of this banknote are preserved, but there are also reproductions in circulation: collector's prints, catalog facsimiles, and press reprints. It is advisable to rule this out first.

It was printed by the Fábrica Nacional de Moneda y Timbre using the intaglio printing technique. This leaves specific marks that a modern reproduction does not have:

• Relief to the touch. Run your fingertip over the portrait, the numbers, and the title letters: on an original, you can feel the ink's texture. An offset-printed facsimile is completely flat.
• Engraved line, not screening. With a ten-times magnifying glass, the original engraving is resolved into fine, continuous lines. If you see a grid of dots, it is a modern print.
• Watermark in the paper pulp. 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, substantive paper that makes a sound when shaken. Modern coated paper is smooth and cold.

Specific checks for this banknote

• Look at the printer's credit. Below the frame on the obverse, in very small letters, it says Fábrica Nacional de Moneda y Timbre.
• Look for Goya held up to the light. In the blank oval on the reverse, on the right, the head of Goya should appear formed inside the paper.
• Check the numbering. It is in red: once on the obverse and four times on the reverse, always the same number, with or without a series letter (A or B) in front.
• Do not confuse it with those from 1886 and 1889. The 100 pesetas banknotes from 1886 and 1889 also feature Goya, but they are from the 19th century and have a different design. Look at the date: this one says February 19, 1946.

I will confirm it for you for free. If it turns out to be a reproduction, I will tell you just the same: I have nothing to gain by making you believe otherwise.

Original or facsimile? I'll let you know today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com

Is your banknote worth anything? The most likely answer is no

I am telling you clearly, because it is what I am asked the most: there are tons of these banknotes. Millions were printed and many families kept one in a drawer. Except for rare exceptions, only those in perfect condition have value: no stains, no folds, no tears, and no worn corners. It is most likely that yours, if it has circulated, is worth nothing or almost nothing.

To know 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 slowly tilt it. This is how creases, marks from having been folded, and ironed areas appear that cannot be seen from the front. A banknote that at first glance looks new often has a fold in the center.

With some 30 million copies printed, there are no shortcuts here: the only thing that really counts is that it is uncirculated, with firm paper, sharp corners, and no folds.

I do not publish price ranges, and I explain why: the value depends entirely on the specific specimen, and that cannot fit into a table. A generic number from the internet only serves to cause 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, 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 reply in less than 24 hours telling you what you have and, if I am interested, with a firm offer. I pay for the shipping, and I will transfer the money the same day I receive and verify the item; if it does not match the photos, I will return it and pay for the return shipping.

I'm 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 grading by PMG or consignment for you.

You don't need to live nearby: I buy throughout Spain using this same system. And if you are from Asturias, I can come to your house without charging for the visit, or we can look at it in my store in Gijón, on Calle Cabrales 77, by appointment.

Frequently Asked Questions

Who is on the 100 pesetas banknote from 1946?
Francisco de Goya, the painter. The reverse features "The Parasol", one of his tapestry cartoons, which is in the Prado Museum.

Can I exchange it at the Banco de España?
No. Since 2021, the Banco de España no longer exchanges pesetas for euros. Today this banknote only has value for collectors.

How do I know if mine is an original or a reproduction?
The fastest way: look at the design with a magnifying glass (a continuous engraved line in an original, a dot matrix in a copy) and run your finger over the letters looking for relief. If you have questions, send me photos and I will tell you for free, even if it turns out to be a facsimile.

How much is the 1946 100 pesetas banknote worth?
Usually little or nothing. Many of these banknotes are preserved and, except for rare exceptions, only perfect copies have value: no stains, folds, or tears. Look at it under tangential light, a side light that grazes the banknote, to see if it has creases. If it is perfect, send me photos and I will tell you what it is worth.

Do you buy it even if it has circulated?
Usually not. There are so many of these banknotes that a copy with folds, stains, or tears has no demand among collectors. I am only interested in those that are perfect or rare variants. If in doubt, send me photos and I will tell you without any obligation.

The other banknotes in this issue

The banknotes dated February 19, 1946 are these. If you have any, send me photos just like with this one:

• 1946 25 pesetas banknote — Álvaro Flórez Estrada
• 1946 500 pesetas banknote — Francisco de Vitoria
• 1946 1000 pesetas banknote — Luis Vives

Other 100 pesetas banknotes from the Banco de España

If you aren't quite sure which one yours is, compare it with these: they are all 100 pesetas but from different issues.

• 1874 100 pesetas banknote — Juan de Herrera
• 1875 100 pesetas banknote — Athena
• 1876 100 pesetas banknote — Lope de Vega
• 1878 100 pesetas banknote — Garcilaso de la Vega
• 1880 100 pesetas banknote — Quevedo
• 1884 100 pesetas banknote (January issue) — Mendizábal
• 1884 100 pesetas banknote (July issue) — Alejandro Mon
• 1886 100 pesetas banknote — Goya
• 1889 100 pesetas banknote — Goya (second issue)
• 1893 100 pesetas banknote — Jovellanos
• 1898 100 pesetas banknote — Jovellanos
• 1900 100 pesetas banknote — Quevedo
• 1903 100 pesetas banknote — "the stoker"
• 1906 100 pesetas banknote — the allegories with the lyre
• 1907 100 pesetas banknote — Seville Cathedral
• 1925 100 pesetas banknote — Philip II
• 1928 100 pesetas banknote — Cervantes
• 1936 100 pesetas banknote — Burgos Cathedral
• 1937 100 pesetas banknote — General Castaños (the one that never circulated)
• 1938 100 pesetas banknote — Lady of Elche

General guide: selling old Banco de España 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 will tell you today what you have.
WhatsApp +34 644 54 98 79