1938 (Burgos) 5-peseta banknote: 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, August 10, 1938, this is what you have: the banknote cataloged as Pick-110 (Edifil 435).
It is the last 5 pesetas banknote from the Banco de España de Burgos. Unlike those from 1936 and 1937, printed in Zaragoza, this one was manufactured in Leipzig (Germany) by the firm Giesecke & Devrient, which produced almost all the Burgos banknotes of 1938. It was put into circulation on January 24, 1939, and more than one hundred million were printed, so it remained in pockets for years after the war.
Here you will find who or what appears on it, how to distinguish it from those that look like it, how to check if yours is an original, and what to do if you want to sell it. You won't find prices: I explain why below.
What appears on this banknote
This banknote does not feature a portrait or a monument. On the obverse, a large "5" inside a decorated box on the left, another "5" loose on the right, and in the center, "Banco de España, Cinco pesetas de curso legal" and the date "Burgos, 10 de agosto de 1938". The numbering, in red, appears twice on the obverse with the series letter in front.
On the reverse, in blue and maroon, another large "5" between the words "Cinco pesetas" and the inscription "Banco de España" at the top and bottom.
During the Civil War, there were two Bancos de España: the one in Madrid, with the Republic, and the one that the rebels set up in Burgos. Since the printing plates and banknote reserves were in Madrid, the Banco de Burgos had to commission new banknotes from printing houses outside its control: Spanish lithography firms like the one in Zaragoza and foreign firms like the German Giesecke & Devrient. At the end of the war, these Burgos banknotes were the ones that remained valid; those of the Republic put into circulation after July 18, 1936, were voided.
Banknote fact sheet
| Face value | 5 pesetas |
|---|---|
| Banknote date | Burgos, August 10, 1938 |
| Pick catalog | P-110 |
| Edifil | 435 (series A), 435a (B to L), 435b (M), 435A ("AFRICA" stamp) |
| Printer | Giesecke & Devrient, Leipzig (Germany) |
| Dimensions | 112 × 60 mm |
| Series and print run | A: 10,000,000 · B to L: 100,000,000 · M: 2,000,000 |
| Put into circulation | January 24, 1939 |
| Signatures | Antonio Goicoechea Cosculluela, Antonio García Victoria, and Juan Villarroya Masfarner |
| Obverse | Large "5" in a decorated box |
| Reverse | Large "5" between "Cinco pesetas" |
How to know if yours is original
There are so many originals of this banknote that copies are not common. What you must watch out for is the "AFRICA" stamp, which has been forged on authentic banknotes. For the banknote itself, the checks are as follows:
- No relief: it's normal. These banknotes were printed using lithography, not intaglio engraving, so an original is smooth to the touch. Do not discard it for that reason.
- Pattern of lines, not dots. With a ten-power magnifying glass, the backgrounds of an original are made of fine lines and continuous geometric patterns. A photocopy or inkjet print turns them into a cloud of colored dots.
- Banknote paper. The original is thin but firm, with body. A reproduction on office paper is whiter, smoother, and folds differently.
- Stamped numbering separately. The serial numbers were stamped separately with metal type: with 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 at the series letter. It is in red, in front of the number, appearing twice on the obverse (for example, "M1878068"). The A and M series are the short ones.
- If it has "AFRICA", look at it with a magnifying glass. The authentic stamp was printed with a fine pattern and a thick border. If it looks like a rubber stamp under a magnifying glass, with smudged or pasty ink, be suspicious.
- Look for the printer's mark. At the bottom of the banknote, in tiny print, the name Giesecke & Devrient, Leipzig must appear. It should be legible and sharp with a magnifying glass.
- Do not confuse it with the 1940 one. The 5 pesetas note from 1940 is no longer from Burgos: it features the Alcázar of Segovia and is dated in Madrid.
I will confirm it for free. If it turns out to be a reproduction, I will tell you the same: 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’ll be direct with you, because it is what I am asked most: 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: no stains, no folds, no tears, and no worn corners. It is most likely that yours, if it has circulated, is worth nothing or almost nothing.
To know if it is truly perfect, look at it with grazing light: turn off the ceiling light, place a lamp or window light from the side, almost brushing against the banknote, and tilt it slowly. This is how folds, marks from having been folded, and pressed areas, which are not visible from the front, appear. A banknote that looks new to the naked eye often has a fold in the center.
There are two exceptions that are worth looking at: the series A and M, much shorter than the rest, and banknotes with the authentic "AFRICA" stamp. If yours has either of these two things, send me photos even if it has circulated.
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 is only good for ending up disappointed. 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 stick anything with 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 in perfect condition, is from series A or M, or has the "AFRICA" stamp, the process is simple.
You send me photos via WhatsApp —obverse, reverse, a detail of the numbering, and one backlit— 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 funds 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.
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 for you.
You don't have to live nearby: I buy all over Spain using this same system. And if you are from Asturias, I can come to your home myself without charging you for the visit, or we can see it at my store in Gijón, at Calle Cabrales 77, by appointment.
Frequently asked questions
What is on the 5 pesetas banknote of 1938?
It does not have a portrait or monument: the obverse is dominated by a large "5" inside a frame, with "Cinco pesetas de curso legal" and the date of Burgos, August 10, 1938. The reverse has another large "5" between the words "Cinco pesetas".
What is the "AFRICA" stamp that some have?
In 1939, "AFRICA" was stamped in red on banknotes from this issue to control smuggling through Tangier. It is a sought-after variant, but it has also been forged: if yours has it, send me photos.
Is there any rare series?
Yes. Of series B through L, one hundred million banknotes were printed, but of series A only ten million and of series M only two million. Look at the letter in front of the number.
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 value long before that. Today it only has collectible value.
How much is the 5 pesetas banknote of 1938 worth?
Most likely little or nothing. Many of these banknotes are preserved and, except for rare exceptions, only perfect specimens have value: no stains, folds, or tears. Look at it with grazing light, a light from the side brushing against 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 outlet among collectors. I am only interested in those that are perfect or rare variants. If you are in doubt, send me photos and I will tell you with no obligation.
Other Burgos banknotes of 1938
If you have larger Banco de Burgos banknotes from 1938 in the same envelope, here are the ones that have already been explained:
- 25 pesetas banknote of 1938 — the Giralda (Burgos)
- 500 pesetas banknote of 1938 (Burgos) — the Santiago Cathedral
Other 5 pesetas banknotes from the Banco de España
If you are not sure which one is yours, compare it with these: they are all 5 pesetas but from different issues.
- 5 pesetas banknote of 1898 — Isabella I of Castile (the one that never circulated)
- 5 pesetas banknote of 1936 (Burgos) — the coat of arms of Spain
- 5 pesetas banknote of 1937 (Burgos) — the allegory of commerce
- 5 pesetas banknote of 1940 — the Alcázar of Segovia
General guide: selling old banknotes from the Banco de España. 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