1898 5-peseta banknote (Isabella the Catholic): the one that never circulated
If you have before you a banknote that reads BANCO DE ESPAÑA, CINCO PESETAS, and the date 1898, this is what you have: a banknote that the Bank of Spain prepared but never put into circulation, cataloged as Pick-46.
In 1898, with the Cuban War at its worst, the Bank of Spain feared that people would hoard silver coins, leading to a shortage of small change. For this reason, it prepared a small 5 pesetas banknote to replace the silver 5-peseta coin if necessary. The crisis passed, the banknote was never issued, and only printer's proofs remain of that project. The image above is, in fact, a facsimile specimen: that is what most of the ones that appear today are like.
Here you will find out what appears on it, why it is so rare, how to know if yours is a reproduction, and what to do if you think it is not. You will not find prices: I will explain why below.
Isabella the Catholic: what appears on this banknote
On the obverse, inside an oval on the left, is the portrait of Isabella the Catholic with a headdress, very similar to the portraits of the queen that have been preserved from her time. On the right, a large "5", the figure "1898", and a ribbon with "Cinco pesetas". It carried only two signatures, that of the auditor and the cashier, and a side stub with "Banco de España" written vertically.
On the reverse, a female head with a helmet, in profile, inside a medallion surrounded by laurel branches, with the figures "5" and the word "Pesetas".
Banknote fact sheet
| Face value | 5 pesetas |
|---|---|
| Year | 1898 |
| Pick Catalog | P-46 |
| Condition | Not issued: only printer's proofs exist |
| Reason | The Cuban War crisis and the fear of a silver coin shortage |
| Obverse | Isabella the Catholic in an oval, "5" figure, and ribbon with "Cinco pesetas" |
| Reverse | Female head with helmet in a medallion with laurel |
| What usually appears | Reproductions and collectible facsimiles |
How to know if yours is original
The rule here is the opposite of most banknotes: because the original never circulated, it is most likely that yours is a reproduction. Many have been made, in prints and facsimile collections, sometimes marked as such in small print. It's okay: I'll tell you anyway.
An authentic printer's proof is banknote paper printed with engraved plates. That leaves marks that a modern copy does not have:
- Relief to the touch. Run your fingertip over the portrait, the figures, and the letters of the title: in an original, you can feel the raised ink. An offset-printed facsimile is completely flat.
- Engraved line, not halftone. With a ten-power magnifying glass, the original engraving resolves into fine, continuous lines. If you see a dot grid, 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.
- Banknote paper, not photocopier paper. The original is a resistant, sturdy paper that makes a sound when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Look for the word "facsímil". Many reproductions say so in tiny print, in a margin or at the bottom left, as "Ejemplar facsímil". If it has it, you know what it is.
- Look at the paper from behind. Reproductions are usually printed on both sides of a single sheet of modern paper. An old proof may be a loose, single-sided sheet.
- Pay attention to the punch holes. Small holes forming letters were common on proofs and specimens, but facsimiles also imitate them, sometimes printed instead of perforated. Look against the light to see if they actually go through the paper.
- Watch the date. The 1898 5 pesetas banknote does not have a full date with day and month: only the year. If yours has another date, it is a different banknote or a fantasy piece.
I will confirm it for you for free. If it turns out to be a reproduction, I will tell you anyway: I gain nothing by making you believe otherwise.
Original or facsimile? I will tell you 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, which is the most common case, its value is purely decorative. If it were an original proof, it would be a museum piece for collectors of Spanish banknotes: very few of these proofs are known. In that case, the important thing is not to touch it and have someone with experience look at it before doing anything.
I do not publish price ranges, and I will 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 leads to 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 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 them from you
If you think yours might be an original proof, don't just send it: let's talk first.
You send me photos via WhatsApp —obverse, reverse, a detail of the serial number, and one against the light— and I will reply within 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 funds on the same day I receive and verify the piece; if it does not match the photos, I will return it and pay for the return shipping.
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 grading by PMG or consignment.
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 Gijón shop, at Calle Cabrales 77, by appointment.
Frequently asked questions
Is there really an 1898 5 pesetas banknote?
Yes, but it never circulated. The Bank of Spain prepared it during the Cuban War crisis and it remained only as printer's proofs. What circulates today are, almost always, reproductions.
Who is on the 1898 5 pesetas banknote?
Queen Isabella the Catholic, with a headdress, inside an oval on the left of the obverse. On the reverse, a female head with a helmet inside a medallion surrounded by laurel.
Mine has little holes forming letters, is it authentic?
Punch holes are part of many proofs and printer's specimens, but they are also copied in facsimiles. They are not, on their own, proof of authenticity. Send me photos and we will take a look.
How much is the 1898 5 pesetas banknote worth?
If it is a reproduction, nothing. If it were an original proof, it is a very important piece, because very few are known. That is why it must be seen calmly before talking about figures.
Can I exchange it at the Bank of Spain?
No. It never became legal tender, and pesetas stopped being redeemable in 2021. Its only value is for collection.
Other 1898 banknotes
That same year, the Bank of Spain did put these banknotes into circulation, which appear much more frequently:
Other 5 pesetas banknotes from the Bank of Spain
If you are not quite sure which one yours is, compare it with these: they are all 5 pesetas but from different issues.
- 5 pesetas 1936 banknote (Burgos) — the coat of arms of Spain
- 5 pesetas 1937 banknote (Burgos) — the allegory of commerce
- 5 pesetas 1938 banknote (Burgos) — the large "5"
- 5 pesetas 1940 banknote — the Alcázar of Segovia
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