1937 5-peseta banknote (Burgos): what it is and if yours is worth anything
If you have in front of you a banknote that reads BANCO DE ESPAÑA, CINCO PESETAS, and the date Burgos, July 18, 1937, this is what you have: the banknote cataloged as Pick-106 (Edifil 424).
It is a Banco de España de Burgos banknote with a very symbolic date for the Nationalist faction: July 18, 1937, the first anniversary of the coup. It was printed in Zaragoza by Litografía M. Portabella, the same house as the 5-peseta note from 1936. From the same date are the 25-peseta note featuring Columbus and the 100-peseta note featuring General Castaños, which never entered circulation; this 5-peseta note did, extensively.
Here you have who or what appears on it, how to distinguish it from similar ones, how to check if yours is original, and what to do if you want to sell it. You will not find prices here: I explain why below.
What appears on this banknote
On the right of the obverse is a seated woman with a laurel wreath, holding a caduceus (Mercury's staff, symbol of commerce) and stalks of wheat, with an anvil and a gear at her feet: commerce, agriculture, and industry in a single figure. On the left, "Banco de España, Cinco pesetas de curso legal," the date, and the signatures.
On the reverse, in red, is the coat of arms of the city of Toledo with the double-headed eagle, between two large "5"s and the warning against counterfeiting.
During the Civil War, there were two Bancos de España: the one in Madrid, with the Republic, and the one the Nationalists set up in Burgos. Since the printing plates and banknote reserves were in Madrid, the Burgos Bank had to commission new banknotes from printing houses outside its control: Spanish lithographers like the one in Zaragoza and foreign houses like the German Giesecke & Devrient. When the war ended, these Burgos banknotes were the ones that remained valid; those of the Republic put into circulation after July 18, 1936, were annulled.
Banknote factsheet
| Face value | 5 pesetas |
|---|---|
| Banknote date | Burgos, July 18, 1937 |
| Pick catalog | P-106 |
| Edifil | 424 (no series), 424a (series A and B), 424b (series C) |
| Printer | Litografía M. Portabella, Zaragoza |
| Technique | Lithography |
| Dimensions | 112 × 58 mm |
| Series and mintage | No series: 10,000,000 · A and B: 20,000,000 · C: 8,863,000 |
| Signatures | Ramón Artigas Gracia, Antonio García Victoria, and Juan Villarroya Masfarner |
| Obverse | Allegory of commerce, agriculture, and industry |
| Reverse | Coat of arms of the city of Toledo |
How to know if yours is original
Many originals of this banknote are preserved, and it is not one of the most frequently copied, but it is worth knowing what to expect from a lithographically printed banknote:
- No relief: this is normal. These banknotes were printed via lithography, not intaglio, so an original is smooth to the touch. Do not discard it for that reason.
- Lines, not dots. Under a 10x magnifying glass, the backgrounds of an original are made of continuous fine lines and geometric patterns. A photocopy or inkjet print turns them into a cloud of color dots.
- Banknote paper. An original is fine but firm paper with body. A reproduction on office paper is whiter, smoother, and folds differently.
- Separately stamped numbering. The serial numbers were stamped separately using metallic type: under a magnifying glass, you can see that the ink of the number is "resting" on the paper, with sharp edges.
Specific checks for this banknote
- Look for the imprint. At the bottom of the obverse, in very small print, "Lit. M. Portabella Zaragoza."
- Look at the reverse. The numbering appears twice on the reverse in black, with the series letter in red in front (e.g., "C 4,161,389"). The two numbers must match.
- Check the coat of arms. On the reverse, you should see the coat of arms of Toledo with the two-headed eagle, all in red.
- Do not confuse it with the 1936 note. The 5-peseta Burgos note from 1936 does not have a human figure: only the Spanish coat of arms on the obverse.
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 having you believe otherwise.
Original or facsimile? I will tell you today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
Is your banknote worth anything?
This banknote is at an intermediate point: there are not tons of them like small post-war banknotes, but it is not a rarity either. A heavily used specimen with tears, stains, or tape has little interest. A well-preserved one, with firm paper and few folds, can have value, and an uncirculated one, significantly more.
To know if it is truly perfect, examine it under tangential light: turn off the ceiling light, place a lamp or window light from the side, almost skimming the banknote, and tilt it slowly. This reveals creases, marks from folding, and pressed areas that are not visible from the front. A banknote that looks new at first glance often has a fold in the center.
It is worth looking at the series: series A and B are seen often; C and notes without a series are seen much less.
I do not publish price ranges, and here is why: the value depends entirely on the specific specimen, and that does not fit into a table. A generic internet figure only serves to lead 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 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 antique banknotes.
How I buy them from you
If yours is well-preserved, or is a C series or no-series note, the process is simple.
You send me photos via WhatsApp —obverse, reverse, a detail of the numbering, and a backlit shot— 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 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, paying 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 buying anything, and I can manage the PMG grading or consignment for you.
You do not need to live nearby: I buy all over Spain using this same system. And if you are from Asturias, I can come to your home for free, or we can meet at my shop in Gijón, on Calle Cabrales 77, by appointment.
Frequently asked questions
What appears on the 1937 5-peseta banknote?
A seated woman, with a laurel on her head, a caduceus, and stalks of wheat, and an anvil and a gear at her feet: an allegory of commerce, agriculture, and industry. On the reverse, in red, the coat of arms of the city of Toledo.
What series are there?
No series and series A, B, and C. A and B are the most common; C and no-series notes are seen much less.
Can I exchange it at the Banco de España?
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 collector value.
How do I know if mine is original or a reproduction?
This banknote is lithographically printed, so it has no relief. Look at the backgrounds with a magnifying glass (fine lines in an original, dots in a copy), look for the Portabella imprint, and check that the reverse numbers match. If in doubt, send me photos.
How much is the 1937 5-peseta banknote worth?
It depends primarily on the condition. It is not a banknote found in massive quantities, but it is not a rarity: heavily used ones are of little interest, and well-preserved ones much more. That is why I do not give general figures: send me photos and I will value yours.
Do you buy it even if it has folds?
It depends on the condition. If it is complete, without large tears or tape, send me photos and I will tell you if it fits my needs. Unfolded specimens are the most interesting.
Other Burgos banknotes from 1937
With the same date of July 18, 1937, the Banco de Burgos also prepared these two banknotes, which never entered circulation:
- 25-peseta banknote from 1937 — Columbus (the one that never circulated)
- 100-peseta banknote from 1937 — General Castaños (the one that never circulated)
Other 5-peseta Banco de España banknotes
If you are not sure which one you have, compare it with these: they are all 5-peseta notes but from different issues.
- 5-peseta banknote from 1898 — Isabella the Catholic (the one that never circulated)
- 5-peseta banknote from 1936 (Burgos) — the coat of arms of Spain
- 5-peseta banknote from 1938 (Burgos) — the large "5"
- 5-peseta banknote from 1940 — the Alcázar of Segovia
General guide: selling antique 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 will tell you today what you have.
WhatsApp +34 644 54 98 79