1937 25-peseta banknote (Columbus): the banknote that never circulated
If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 25 PESETAS, and the date Burgos, July 18, 1937, here is what you have: the banknote cataloged as Pick-106A, one of the rarest Banco de España banknotes of the 20th century, a banknote that never entered circulation.
It was commissioned by the Banco de España of Burgos, which operated in the Nationalist zone during the Civil War, from a printing house in Milan (Italy), along with other banknotes of the same series, such as the 100 pesetas banknote featuring General Castaños. It bears the inscription "II Año Triunfal" (Second Triumphal Year). According to the most widely accepted version, when the print run was already completed, an exemplar appeared in Bilbao before its release, and the Bank decided not to issue it: the banknotes were destroyed. That is why very few are known to exist outside of archives.
Here you will find what appears on it, why it is so rare, how to check if yours is original, and what to do if you believe it is. You will not find prices: I explain why below.
Christopher Columbus: who is the face on this banknote
Christopher Columbus, the navigator who reached America in 1492 in the service of the Catholic Monarchs. His portrait on the obverse follows the one painted by Rafael Tejeo in the 19th century, which is now in the Naval Museum of Madrid. Next to him, in orange, are three caravels sailing, and on the sides, allegorical figures of indigenous Americans.
On the reverse, with the label "Desembarque de Colón en América" (Landing of Columbus in America), is a scene based on the painting Primer homenaje a Colón (First Tribute to Columbus) (1892) by José Garnelo: Columbus with a standard, his men, and the indigenous people coming out to greet them.
Banknote Fact Sheet
| Face value | 25 pesetas |
|---|---|
| Banknote date | Burgos, July 18, 1937 ("II Año Triunfal") |
| Pick catalog | P-106A |
| Status | Not issued: the print run was destroyed |
| Printer | Italian printing house, Milan |
| Known copies | Very few: some proofs and archival samples, and a very limited number of numbered copies |
| Obverse | Christopher Columbus, three caravels, and indigenous figures |
| Reverse | "Landing of Columbus in America," according to José Garnelo |
How to tell if yours is original
Here, the rule is the opposite of most banknotes: since so few originals are known, it is most likely that yours is a reproduction. It is a very beautiful design and has been widely reproduced in prints, facsimile collections, and souvenirs. It's okay: I will tell you anyway.
An original is a genuine banknote, engraved and printed by a security printer. This leaves specific marks that a reproduction does not have:
- Raised ink. Run your fingertip over the portrait, the numbers, and the letters of the title: in an original, you can feel the raised ink. An offset-printed facsimile is completely flat.
- Engraved lines, not a dot matrix. With a ten-power magnifying glass, the original engraving resolves into fine, continuous lines. If you see a grid of dots, it is modern printing.
- Watermark within 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 a durable, substantive paper that makes a sound when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Read the date and the inscription. It must say "Burgos, 18 de julio de 1937" and, below that, "II Año Triunfal". On the reverse, to the left, the label "Desembarque de Colón en América".
- Look at the numbering. Proofs and samples do not have a number, or they have punch holes or the word "muestra" (sample). Facsimiles often copy one of these. A copy with a number deserves a thorough review.
- Look at the printer's mark. Below the obverse frame, in tiny letters, the Milan (Italy) printing house is listed. In many reproductions, that line appears blurry or illegible.
- Be wary of shiny paper. Satin, thick, cardboard-like paper, or paper with a white and smooth reverse is a sign of a print or souvenir, not a 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 tell you today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
Is your banknote worth anything? If it is original, yes; but it is most likely a reproduction
I'll be clear: many more copies of this banknote appear than originals, because the original hardly exists outside of archives. If yours is a reproduction, it has no numismatic value. If it passes the checks above, then it may be an important piece, and the thing to do is not to handle it any further and show it to someone who knows.
I do not publish price ranges, and I'll explain 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 use adhesive tape, 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 it from you
If, after the checks, you still think it might be original, the process is simple, and with a piece like this, the first thing is to look at it well, calmly, and, if necessary, in person.
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 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 and I will pay for the return shipping.
I am Fran, from Iberoamericana Banknotes, an authorized PMG 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 have 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 meet at my shop in Gijón, on Calle Cabrales 77, by appointment.
Frequently asked questions
Who is featured on the 1937 25 pesetas banknote?
Christopher Columbus, with his caravels. On the reverse is the landing of Columbus in America, based on a painting by José Garnelo.
Why did it never circulate?
It was commissioned by the Banco de España of Burgos during the Civil War from an Italian printing house. According to the most widely accepted version, an uncontrolled copy appeared before its release, and the Bank decided not to issue it and to destroy the print run.
How do I know if mine is original?
Almost all that appear are reproductions. Check if it has raised ink, if the engraving consists of continuous lines under a magnifying glass, and if the paper is banknote paper. If it passes those tests, do not handle it any further and send me photos: I will review it for free and, if necessary, in person.
How much is the 1937 25 pesetas banknote worth?
If it is a reproduction, nothing. If it were original, it is a very important piece, because very few are known outside of the Bank's archives. That is why it must be viewed calmly before talking about figures.
The other banknotes in this series
They are from the same Italian series, with the same date and the same history: they also never circulated.
Another banknote with the same date
With the same date of July 18, 1937, the Bank of Burgos commissioned a 5 pesetas banknote in Zaragoza that did circulate:
Other 25 pesetas Banco de España banknotes
If you aren't quite sure which one is yours, compare it to these: they are all 25 pesetas but from different issues.
- 1874 25 pesetas banknote — children carrying baskets
- 1875 25 pesetas banknote — the farmer 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 didn't circulate
- 1906 25 pesetas banknote — seated allegory
- 1907 25 pesetas banknote — the Alhambra
- 1908 25 pesetas banknote — Quintana (the one that didn't circulate)
- 1926 25 pesetas banknote — Saint Francis Xavier
- 1928 25 pesetas banknote — Calderón de la Barca
- 1936 25 pesetas banknote — Joaquín Sorolla
- 1938 25 pesetas banknote — the Giralda (Burgos)
- 1940 25 pesetas banknote — Juan de Herrera
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'll tell you today what you have.
WhatsApp +34 644 54 98 79