1936 25-peseta banknote (Sorolla): what it is and if yours is worth anything
If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 25 PESETAS and the date August 31, 1936, this is what you have: the banknote cataloged as Pick-87.
It is one of the last banknotes commissioned by the Bank of Spain during the Second Republic, printed in London by Thomas De La Rue. It is dated Madrid, August 31, 1936, when the Civil War had already begun, but it was not put into circulation until 1938 in the republican zone. At the end of the war, the new regime annulled the banknotes put into circulation by the Republic after July 18, 1936, so this one was left without legal tender status.
Here you have 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.
Joaquín Sorolla: who is the face on this banknote
Joaquín Sorolla (Valencia, 1863 - Cercedilla, 1923), the painter of Mediterranean light and one of the most renowned Spanish artists of his time. His portrait appears on the obverse in a sepia tone, and to the right, the Miguelete tower, the bell tower of the cathedral of Valencia, his city.
On the reverse, in violet, a beach scene with oxen pulling a boat out of the sea and fishermen's wives waiting with their baskets: one of the themes that Sorolla painted over and over again on the Valencian beaches.
Banknote fact sheet
| Face value | 25 pesetas |
|---|---|
| Date of issue | Madrid, August 31, 1936 |
| Pick Catalog | P-87 (87a without series, 87b series A) |
| Printer | Thomas De La Rue & Co., London |
| Dimensions | 121 × 80 mm |
| Series | No series and series A |
| Print run | 10,000,000 copies of each variant |
| Put into circulation | 1938, in the republican zone |
| Signatures | Luis Nicolau d'Olwer, Adolfo Castaño Orejón and Antonio Puch Sánchez |
| Watermark | Sorolla's head |
| Obverse | Joaquín Sorolla and the Miguelete tower of Valencia |
| Reverse | Oxen pulling a boat to the beach, scene inspired by Sorolla |
How to know if yours is original
Many originals of this banknote have been preserved, but there are also reproductions in circulation: collector prints, catalog facsimiles, and press reprints. It is worth ruling this out first of all.
It was printed in London by the firm Thomas De La Rue, one of the world's great banknote printers, using the intaglio (steel engraving) technique. That leaves specific marks that a modern reproduction does not have:
- Relief to the touch. Run your fingertip over the portrait, the digits, and the title letters: on an original, you can feel the raised ink. An offset-printed facsimile is completely flat.
- Engraved line, not a grid. With a ten-power magnifying glass, the original engraving is resolved into fine, continuous lines. If you see a grid of dots, it is modern printing.
- Watermark in the pulp. When held up to the light, the watermark should appear formed within the paper, not printed on top of it.
- Banknote paper, not photocopier paper. The original is a resistant, substantial paper that makes a sound when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Look at the white oval on the reverse. On the left side of the reverse there is an unprinted oval: when held up to the light, the head of Sorolla should appear there as a watermark, formed inside the paper.
- Look for the printer's mark. Below the frame, in very small print, it reads "Thomas de la Rue & Coy. Ltd., London, England," on both the obverse and reverse.
- Check the numbering. It is in red: twice on the obverse and four times on the reverse, always the same number. There are versions without a series letter and with the series A in front; both variants are equally normal.
- Do not confuse it with other Sorolla banknotes. This is the 25 pesetas one, in blue and sepia. If your banknote is of another value or color, it belongs to another issue.
I will confirm it for free. If it turns out to be a reproduction, I will tell you just the same: I gain nothing by making you believe otherwise.
Original or facsimile? I will tell you today, no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
Is your banknote worth anything? Most likely not
I am telling you clearly, because it is what I am asked the most: there are tons of these banknotes. They were printed by the millions and many families kept one in a drawer. Except for a few exceptions, only those that are in perfect condition have value: no stains, no folds, no tears, and no worn corners. Most likely, if yours has circulated, it is worth nothing or almost nothing.
To know if it is truly perfect, look at it with tangential light: turn off the overhead light, place a lamp or light from a window from the side, almost grazing the banknote, and tilt it slowly. This is how folds, marks from having been folded, and pressed areas appear, which you cannot see from the front. A banknote that looks new at first glance often has a fold in the center.
There is no hidden variant to look for here: without a series or with series A, what matters is the condition. A truly uncirculated specimen, with firm paper, sharp corners, and no folds, is of interest.
I do not publish price ranges, and I explain why: the value depends entirely on the specific specimen, and that does not fit into a table. A generic figure from the internet only serves to lead 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 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 them 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 respond 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 piece; if it does not match the photos, I will return it to you and pay for the return shipping.
I'm Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also appraise it just 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 house without charging for the visit, or we can see it at my shop in Gijón, on Calle Cabrales 77, by appointment.
Frequently Asked Questions
Who is on the 25 pesetas banknote from 1936?
Joaquín Sorolla, the Valencian painter, next to the Miguelete tower in Valencia. On the reverse, there is a beach scene with oxen pulling a boat from the sea, inspired by his painting.
Why didn't it circulate in 1936 if it bears that date?
It was commissioned by the Second Republic from a printer in London shortly before the war. With the conflict already underway, it was not put into circulation until 1938, in the republican zone. At the end of the war, it was annulled.
Can I exchange it at the Bank of Spain?
No. Pesetas could no longer be exchanged as of 2021, and this banknote had already lost its legal tender status long before that. Today it only has collectible value.
How do I know if mine is an original or a reproduction?
The fastest way: look at the drawing with a magnifying glass (continuous engraved line on an original, a grid of dots on 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 25 pesetas banknote from 1936 worth?
Most likely, little or nothing. Many of these banknotes have been preserved and, except for a few exceptions, only perfect specimens have value: no stains, folds, or tears. Look at it with tangential light, light from the side that brushes the banknote, to see if it has folds. 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 no. There are so many of these banknotes that a specimen with folds, stains, or tears is not marketable among collectors. I am only interested in those that are perfect or rare variants. If you are unsure, send me photos and I will tell you with no obligation.
Other 25 pesetas banknotes from the Bank of Spain
If you aren't sure which one you have, compare it with these: they are all 25 pesetas but from different issues.
- 25 pesetas banknote 1874 — children carrying baskets
- 25 pesetas banknote 1875 — farm girl and Mercury
- 25 pesetas banknote 1884 (January issue) — geography lesson
- 25 pesetas banknote 1884 (July issue) — Santillán
- 25 pesetas banknote 1886 — Goya
- 25 pesetas banknote 1889 — Goya (second issue)
- 25 pesetas banknote 1893 — Jovellanos
- 25 pesetas banknote 1899 — Quevedo
- 25 pesetas banknote 1904 — the banknote that did not circulate
- 25 pesetas banknote 1906 — seated allegory
- 25 pesetas banknote 1907 — the Alhambra
- 25 pesetas banknote 1908 — Quintana (the one that did not circulate)
- 25 pesetas banknote 1926 — Saint Francis Xavier
- 25 pesetas banknote 1928 — Calderón de la Barca
- 25 pesetas banknote 1937 — Columbus (the one that never circulated)
- 25 pesetas banknote 1938 — the Giralda (Burgos)
- 25 pesetas banknote 1940 — Juan de Herrera
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