1940 25-peseta banknote (Juan de Herrera): what it is and if yours is worth anything

If you have a banknote in front of you that reads EL BANCO DE ESPAÑA, 25 PESETAS, and the date January 9, 1940, this is what you have: the banknote cataloged as Pick-116.

Obverse of the 25 pesetas banknote of the Banco de España dated January 9, 1940, Juan de Herrera and El Escorial Reverse of the 25 pesetas banknote of the Banco de España dated January 9, 1940
Obverse and reverse of the 25 pesetas banknote dated January 9, 1940. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is part of the January 9, 1940 issue, a series of banknotes from the immediate post-war period: Juan de Herrera on the 25 pesetas, Menéndez Pelayo on the 50, Columbus on the 100, John of Austria on the 500, and Charles I on the 1000. This 25 pesetas note was printed in Milan (Italy) by the firm Calcografia & Cartevalori, as can be read at the bottom of the obverse, and was not put into circulation until 1943.

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

Juan de Herrera: who is the face on this banknote

Juan de Herrera (Cantabria, circa 1530 - Madrid, 1597), the architect to Philip II who finished the Monastery of El Escorial and gave his name to a style, the Herrerian style. His portrait appears on the obverse wearing a ruff, and to the right is the Patio of the Evangelists of El Escorial.

On the reverse is the coat of arms of Spain of the period, with the eagle and the motto "Una, Grande, Libre" (One, Great, Free), and large "25" numerals on a colored background.

Banknote factsheet

Face value 25 pesetas
Date of issue Madrid, January 9, 1940
Pick Catalog P-116
Printer Calcografia & Cartevalori, Milan (Italy)
Dimensions 125 × 80 mm
Print run 55,000,000 copies
Put into circulation 1943
Signatures Antonio Goicoechea Cosculluela, Antonio Victoriano Martín Martín and Juan Villarroya Masfarner
Obverse Juan de Herrera and the Patio of the Evangelists of El Escorial
Reverse Coat of arms of Spain of the period and "25" numerals

How to tell if yours is an original

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

It was printed in Milan by the firm Calcografia & Cartevalori using the intaglio technique (steel engraving). This leaves specific marks that a modern reproduction does not have:

  • Relief to the touch. Run your fingertip over the portrait, the numerals, and the letters of the title: on an original, you can feel the raised ink. A facsimile printed in offset is completely flat.
  • Engraved lines, not a screen pattern. With a 10x magnifying glass, the original engraving resolves into fine, continuous lines. If you see a grid of dots, it is a modern print.
  • Watermark within the paper. When held up to the light, the watermark should appear formed within the paper, not printed on top.
  • Banknote paper, not photocopy paper. The original is a durable, substantive paper that rustles when shaken. Modern coated paper is smooth and cold.

Specific checks for this banknote

  • Look at the printer's credit. Below the frame on the obverse, in very small print, it reads "Calcografia & Cartevalori - Milano (Italia)".
  • Check the numbering. It appears twice on the obverse, at the bottom on both sides, with a series letter in front and the number separated by dots (e.g., "D0.699.445").
  • Check the exact design. On the obverse, Juan de Herrera on the left and El Escorial on the right, all in bluish-gray. On the reverse, the coat of arms with the eagle.
  • Do not confuse it with the 1938 issue. The 1938 25 pesetas banknote from Burgos does not feature a portrait and has the Giralda on the reverse.

I can confirm it for you for free. If it turns out to be a reproduction, I will tell you just the same: I gain nothing by having 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? Most likely not

I will tell you plainly, because that is what I am asked most often: there are tons of these banknotes. They were printed by the millions and many families kept some in a drawer. Except for rare exceptions, only those in perfect condition have value: no stains, no folds, no tears, and no worn corners. It is most common that yours, if it has circulated, is worth nothing or almost nothing.

To know if it is truly perfect, look at it under tangential light: turn off the ceiling light, place a lamp or use light from a side window, almost grazing the surface of the banknote, and tilt it slowly. This is how creases, fold marks, and ironed areas—which you cannot see from the front—appear. A banknote that looks new at first glance often has a fold in the center.

With 55 million copies printed, there are no shortcuts here: the only thing that really counts is that it is uncirculated, with firm paper, sharp corners, and no folds.

I do not publish price ranges, and I will 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 you show 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 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 will return it, paying 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 buying anything, and I can manage the grading by PMG or consignment for you.

You don't need to live nearby: I buy throughout Spain using this same system. And if you are in Asturias, I can come to your house without charging for the visit, or we can meet at my shop in Gijón, at Calle Cabrales 77, by appointment.

Frequently Asked Questions

Who is on the 25 pesetas banknote of 1940?
Juan de Herrera, the architect of the Monastery of El Escorial, next to the Patio of the Evangelists of the monastery. On the reverse, the coat of arms of Spain of the period appears.

Can I exchange it at the Banco de España?
No. Pesetas could no longer be exchanged as of 2021, and besides, 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?
The fastest way: look at the design with a magnifying glass (continuous engraved line on an original, dot pattern on 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 1940 25 pesetas banknote worth?
Most commonly, little or 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 side light grazing 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 has no interest among collectors. I am only interested in those that are perfect or rare variants. If in doubt, send me photos and I will tell you without any obligation.

The other banknotes in this issue

The banknotes dated January 9, 1940 are these. If you have any of them, send me photos just as you would with this one:

Other 25 pesetas banknotes from the Banco de España

If you aren't sure which one you have, compare it with these: they are all 25 pesetas but from different issues.

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

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