1908 25-peseta banknote (Quintana): the banknote that never entered circulation
If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, VEINTICINCO PESETAS, and the name QUINTANA beneath a portrait, this is what you have: a banknote that the Bank of Spain designed in 1908 and never put into circulation, cataloged as Pick-67 (Edifil NE14P).
At the beginning of the 20th century, the Bank of Spain wanted to renew its 25 pesetas banknote and commissioned its engravers for a new design, with a catalog date of December 1, 1908. The banknote was printed, but the Bank withdrew it before issuing it: according to the Edifil catalog, it offered no guarantees against forgery, and the print run was destroyed. What has reached collectors are printer's proofs, without date or numbering.
Here is what appears on it, how to tell if yours is a reproduction, and what to do if you think it is not. You will not find prices: I explain why below.
Manuel José Quintana: who is the face on this banknote
Manuel José Quintana (Madrid, 1772-1857), Enlightenment poet and politician and one of the great authors of Spanish patriotic poetry during the Peninsular War. On the obverse, he appears in profile, on the left, with a ribbon bearing his name and dates ("1772-1857"), surrounded by a palm, a sword, a lyre, an oil lamp, and a theater mask: literature and the homeland.
On the reverse, a woman sitting on an anvil, with a hammer and a gear, before a landscape of factories with smoking chimneys: industry. To the left, a crowned medallion with a lion's head and fruit garlands. The engraver's signature, E. Vaquer, is at the bottom.
Banknote fact sheet
| Face value | 25 pesetas |
|---|---|
| Catalog date | December 1, 1908 (the banknote bears no printed date) |
| Pick catalog | P-67 (obverse and reverse proofs) |
| Edifil | NE14P |
| Status | Not issued: the print run was destroyed |
| Dimensions | 122 × 81 mm |
| Engraver | Enrique Vaquer |
| Obverse | Manuel José Quintana with palm, sword, lyre, lamp, and mask |
| Reverse | Allegory of industry and crowned medallion with lion's head |
How to tell if yours is original
Since the banknote never circulated, the most likely scenario is that yours is a reproduction: the design is very beautiful and has been copied on sheets and in facsimile collections. That's fine; I'll tell you either way.
An authentic printer's proof is intaglio engraved on banknote paper. This leaves marks that a modern copy does not have:
- Raised ink. 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 10x magnifying glass, the original engraving resolves into fine, continuous lines. If you see a dot matrix, it is a modern print.
- Watermark in the 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 durable, full-bodied paper that makes a sound when flicked. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Look for the word "facsímil" (facsimile). Many reproductions indicate this in small print in a margin. If it has it, you know what it is.
- Look at the engraver's signature. At the bottom right, on both the obverse and reverse, "E. Vaquer" is written in tiny letters. In a poor copy, that signature is smudged.
- Look at the paper and format. Proofs are usually loose sheets of the obverse or reverse, sometimes with wide margins. A modern reproduction is usually printed on both sides on smooth, white paper.
- Don't confuse it with other 25 pesetas banknotes. The 1906, the seated allegory, and the 1907, with the Alhambra, did circulate. If yours has a date and number, it is a different banknote.
I will confirm it 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'll let you know today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
Is it worth anything? It depends on whether it is original
If it is a reproduction, its value is purely decorative. If it were an original proof, it would be a highly sought-after piece, because only proofs exist of this banknote. In that case, keep it flat, do not touch it further, and let someone with experience see it before doing anything.
I do not publish price ranges, and here is why: the value depends entirely on the specific specimen, and that cannot fit into a table. A generic figure 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 you think yours might be an original proof, first we talk and examine it calmly.
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 shipping, and I transfer the payment the same day I receive and verify the piece; if it does not match the photos, I will return it to you at my own expense.
I am Fran, from Iberoamericana Banknotes, a PMG authorized dealer. I can also value it solely for insurance or inheritance purposes, without selling anything, and I can manage the PMG grading 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 home without charging for the visit, or we can look at it in my shop in Gijón, on Calle Cabrales 77, by appointment.
Frequently asked questions
Is there a 1908 25 pesetas banknote?
The design exists, but it never circulated. The Bank of Spain prepared a 25 pesetas banknote with the poet Manuel José Quintana, discarded it due to a lack of security against forgery, and destroyed the print run. Only printer's proofs remain.
Who is on the Quintana 25 pesetas banknote?
Manuel José Quintana (1772-1857), Enlightenment poet. On the reverse, a woman appears sitting on an anvil, with a hammer and a gear, before a landscape of factories: an allegory of industry.
Mine has no date or number, is that normal?
Yes. The proofs for this banknote bear no printed date or numbering, and reproductions copy those proofs. The fact that it has no number says nothing by itself.
How much is the 1908 25 pesetas banknote worth?
If it is a reproduction, nothing. If it were an original proof, it is a highly sought-after piece by collectors of Spanish banknotes. It must be carefully inspected before discussing figures.
Can I exchange it at the Bank of Spain?
No. It never became legal tender, and furthermore, pesetas stopped being exchangeable in 2021. Its only value is for collection.
Other Bank of Spain 25 pesetas banknotes
If you are not quite sure which one is yours, compare it with these: they are all 25 pesetas but from different issues.
- 1874 25 pesetas banknote — children carrying baskets
- 1875 25 pesetas banknote — the farm woman and Mercury
- 1884 25 pesetas banknote (January issue) — the geography lesson
- 1884 25 pesetas banknote (July issue) — Santillán
- 1886 25 pesetas banknote — Goya
- 1889 25 pesetas banknote — Goya (second issue)
- 1893 25 pesetas banknote — Jovellanos
- 1899 25 pesetas banknote — Quevedo
- 1904 25 pesetas banknote — the banknote that did not circulate
- 1906 25 pesetas banknote — the seated allegory
- 1907 25 pesetas banknote — the Alhambra
- 1926 25 pesetas banknote — Saint Francis Xavier
- 1928 25 pesetas banknote — Calderón de la Barca
- 1936 25 pesetas banknote — Joaquín Sorolla
- 1937 25 pesetas banknote — Columbus (the one that never circulated)
- 1938 25 pesetas banknote — the Giralda (Burgos)
- 1940 25 pesetas banknote — Juan de Herrera
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 one of the reverse and I'll tell you today what you have.
WhatsApp +34 644 54 98 79