1878 1000-peseta banknote: what it is and what to do if you have one

If you have before you a banknote that reads EL BANCO DE ESPAÑA, 1000 PESETAS and the date January 1, 1878, this is what you have: the banknote cataloged as Pick-19 and Edifil 276.

It is part of the January 1, 1878 issue: the Golden Age issue, and the only one in Spanish history to include a 250 peseta denomination.

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 further down.

Miguel de Cervantes: who is the face on this banknote

Miguel de Cervantes Saavedra (Alcalá de Henares, 1547 - Madrid, 1616) makes this the most narrative banknote of the entire series, and not just because of who appears on it: next to his bust, the engraving includes a scene of Don Quixote and Sancho Panza on horseback. It is one of the few 19th-century Spanish banknotes that tells a story rather than just portraying a figure.

Cervantes was a soldier at Lepanto, a captive in Algiers for five years, a tax collector, and a prisoner for debt before publishing, well into his later years, the novel that would found the modern genre. The irony of that administrative failure-filled resume appearing on the Bank of Spain's one-thousand-peseta note is notable.

Banknote fact sheet

Face value 1000 pesetas
Date of issue January 1, 1878
Pick Catalog P-19
Edifil Catalog 276
Printer Bank of Spain workshop, Madrid
Print run 135,000 copies
Dimensions 186 × 122 mm
Put into circulation December 24, 1884
Obverse Bust of Miguel de Cervantes looking to the right and a scene of Don Quixote and Sancho Panza on horseback
Reverse Two allegorical male heads with geometric designs

How to tell if yours is original

It is worth knowing this first, because far more reproductions than originals of Spanish banknotes from this era are in circulation: collector's plates from the seventies and eighties, catalog facsimiles, and press reprints.

This banknote was engraved and printed in the Bank of Spain workshop in Madrid, using intaglio technique on linen paper. That 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 raised ink. An offset-printed facsimile is completely flat.
  • Engraved line, not halftone. With a ten-power magnifying glass, the original portrait is rendered in fine, continuous lines. If you see a grid of dots, it is a modern print.
  • Watermark in the pulp. When held up to the light, it should appear formed within the paper, not printed on top.
  • Cotton linen paper, which is rough and makes a sound when shaken. Modern coated paper is smooth and cold.

Specific checks for this banknote

  • Measure it. This banknote measures 186 × 122 mm. Photographic copies almost always lose two or three millimeters, so a ruler resolves many doubts in ten seconds.
  • Check the exact motif. On the obverse — bust of Miguel de Cervantes looking to the right and a scene of Don Quixote and Sancho Panza on horseback. On the reverse — two allegorical male heads with geometric designs.
  • Keep the print run in mind. 135,000 copies were printed, but that was over 140 years ago and the vast majority were withdrawn and destroyed.

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

Original or facsimile? I will tell you today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com

What makes it worth more or less

For this banknote, as with the entire nineteenth-century series, condition is paramount, followed closely by repairs: a washed, pressed specimen, with taped tears or trimmed margins, loses a great deal of value, even if it "looks better."

I do not publish price ranges, and here is why: the value depends entirely on the specific specimen, and that does not fit into a table. A generic figure from the internet 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 tape anything with adhesive, and do not put it in soft PVC. All four are irreversible. I explain this in detail in the guide to selling old banknotes.

How I buy them 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 money the same day I receive and verify the piece; if it does not match the photos, I return it to you at my own expense.

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.

I buy throughout Spain, wherever you live, and the process is always the same. If you are nearby, in any council of Asturias, I will come to see it at your home at no cost, and you can also bring it to my shop in Gijón, on Calle Cabrales 77, by appointment.

Frequently asked questions

Who is on the 1000 peseta banknote of 1878?
Miguel de Cervantes. On the obverse — bust of Miguel de Cervantes looking to the right and a scene of Don Quixote and Sancho Panza on horseback.

How many were printed?
The print run was 135,000 copies. Be careful with a common misconception: a high print run in the 19th century does not mean that many remain today. These banknotes were systematically withdrawn and destroyed, and what counts is how many survive, not how many were made.

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

How much is the 1000 peseta banknote of 1878 worth?
It depends entirely on the specimen: condition, margins, and any repairs change the price drastically. I do not give blind figures because they would not 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, as long as it is original and has not been restored. For banknotes of this era, honest circulation is not a problem; what really penalizes value is repair work.

The other banknotes in this issue

Other 1000 peseta banknotes from the Bank of Spain

If you are not quite sure which one is yours, compare it with these: they are all 1000 pesetas but from different issues.

General guide: selling old Bank of Spain banknotes. And if more pesetas have appeared in the same drawer, I will tell you which peseta banknotes and coins have value.

Send me a photo of the obverse and one of the reverse and I will tell you today what you have.
WhatsApp +34 644 54 98 79

Back to blog

Leave a comment

¿Prefieres venderlo en consignación?

Además de comprártelo, puedo venderlo por ti en consignación. Es la forma de sacar más dinero por tu colección: la ofrezco a los compradores que más pagan por cada pieza, porque llevo diez años construyendo una base de datos de compradores segmentada y sé a quién ofrecer cada billete o moneda.

Yo cobro un porcentaje de la venta, así que cuanto mejor la vendo, más ganas tú. La contrapartida es el tiempo: encontrar al comprador que más paga lleva más que una compra directa. Por eso es ideal si no tienes prisa por vender.

¿Prefieres traerlo a mi tienda de Gijón?

Te atiendo en mi tienda de Gijón, Calle Cabrales 77, junto al Parque de Begoña, con cita previa. Y si vives lejos, en cualquier concejo de Asturias voy a tu casa gratis después de ver unas fotos.

Escríbeme por WhatsApp: +34 644 54 98 79