1938 25-peseta banknote (The Giralda): what it is and whether yours is worth anything

If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 25 PESETAS and the date Burgos, 20 de mayo de 1938, this is what you have: the banknote cataloged as Pick-111.

It is a Bank of Spain banknote from Burgos, which was the one that operated in the Nationalist zone during the Civil War. It was printed in Leipzig (Germany) by the firm Giesecke & Devrient and was put into circulation at the beginning of 1939, a few weeks before the end of the war.

Here you will find who or what appears on it, how to distinguish it from similar ones, how to check if yours is an original, and what to do if you want to sell it. You will not find prices: I will explain why further down.

The Giralda: what appears on this banknote

This banknote does not feature a portrait. The obverse is almost entirely text and borders: "El Banco de España", "Veinticinco pesetas", large "25" figures on the sides, and the Burgos date, set against a very characteristic greenish background.

The reverse features the Giralda of Seville, the cathedral's bell tower, framed by a columned portico with an orange sky behind it.

Banknote fact sheet

Face value	25 pesetas
Banknote date	Burgos, May 20, 1938
Pick catalog	P-111
Printer	Giesecke & Devrient, Leipzig (Germany)
Dimensions	Approx. 140 × 65 mm
Put into circulation	1939
Signatures	Antonio Goicoechea Cosculluela, Antonio García Victoria, and Juan Villarroya Masfarner
Obverse	Title, "25" figures, and Burgos date; no portrait
Reverse	The Giralda of Seville under a portico

How to tell if yours is original

Many originals of this banknote are still preserved, but there are also reproductions in circulation: collector sheets, catalog facsimiles, and press reprints. It is worth ruling this out first and foremost.

It is a wartime banknote, printed in a hurry and with less luxury than previous ones, so do not expect the marked relief of engraved banknotes. Look for the following:

• Sharpness of the background. With a ten-power magnifying glass, the background of borders is made up of fine, continuous lines. On a scanned copy, you will see dot patterns and blurred lines.
• The serial number is in ink. It is in red, with a series letter in front, and the ink settles into the paper. All digits are the same size and well-aligned.
• Banknote paper, not photocopy paper. The original is paper with body, which makes a sound when shaken. Modern coated paper is smooth and cold.
• Measure it. It is a landscape-oriented banknote, much longer than it is tall (about 140 × 65 mm). Sheets and photocopies almost never maintain that exact proportion.

Specific checks for this banknote

• Read the date. It must say "Burgos, 20 de mayo de 1938". If it says a different date, it is a different banknote.
• Check the exact motif. On the obverse, no portrait, just figures and text on a green background. On the reverse, the Giralda under a portico.
• Do not confuse it with the 1940 one. The 1940 25 pesetas banknote features a portrait of Juan de Herrera and is grayish-blue. This 1938 one has no portrait.

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, with no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com

Is your banknote worth anything? Most likely not

I will be direct, as that is what I am asked most often: there are tons of these banknotes. They were printed by the millions and many families kept one in a drawer. Except for rare exceptions, only those in perfect condition have value: without stains, folds, tears, or worn corners. Most commonly, if yours has circulated, it is worth nothing or almost nothing.

To know if it is truly perfect, look at it under tangential light: turn off the ceiling light, put a lamp or window light from the side, almost skimming the banknote, and slowly tilt it. This is how creases, fold marks, and ironed areas—which are not visible head-on—appear. A banknote that looks new at first glance often has a fold in the center.

It is also a delicate paper banknote that circulated heavily in the post-war period, so finding one truly uncirculated is not that easy: if yours is pristine, it is definitely worth showing it to me.

I do not publish price ranges, and here is why: the value depends entirely on the specific specimen, and that does not fit in 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 tape anything with scotch 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 serial number, and one backlit—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 shipping, and I 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 postage myself.

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.

You do not 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 you for the visit, or we can meet at my store in Gijón, on Calle Cabrales 77, by appointment.

Frequently asked questions

What appears on the 1938 25 pesetas banknote?
There is no portrait on the obverse: only the title, large "25" figures, and the date of Burgos, May 20, 1938, on a greenish background. The reverse features the Giralda of Seville framed by a portico.

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 original or a reproduction?
Look at the background with a magnifying glass: in an original, the fine lines of the design are continuous and sharp; in a scanned copy, you can see dots and blurred lines. Also check the red numbering and the paper. If you have doubts, send me photos and I will tell you for free.

How much is the 1938 25 pesetas banknote worth?
Usually little to nothing. Many of these banknotes are preserved and, with rare exceptions, only perfect specimens have value: without stains, folds, or tears. Look at it with tangential light, a light from the side skimming 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 them even if they have circulated?
Usually no. There are so many of these banknotes that a specimen with folds, stains, or tears has no outlet among collectors. I am only interested in those that are perfect or rare variants. If you have doubts, send me photos and I will tell you with no obligation.

Other 1938 Burgos banknotes

If you have other 1938 Bank of Burgos banknotes in the same envelope, here are the ones already explained:

• 5 pesetas banknote 1938 (Burgos) — the large "5"
• 500 pesetas banknote 1938 (Burgos) — Santiago Cathedral

Other 25 pesetas Bank of Spain banknotes

If you are not sure which one yours is, compare it with these: they are all 25 pesetas but from different issues.

• 25 pesetas banknote 1874 — children carrying baskets
• 25 pesetas banknote 1875 — the farm woman and Mercury
• 25 pesetas banknote 1884 (January issue) — the 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 — the 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 1936 — Joaquín Sorolla
• 25 pesetas banknote 1937 — Columbus (the one that never circulated)
• 25 pesetas banknote 1940 — 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 another of the reverse and I will tell you today what you have.
WhatsApp +34 644 54 98 79