1940 5-peseta banknote (Alcázar of Segovia): what it is and if yours is worth anything
If you have a banknote in front of you that reads BANCO DE ESPAÑA, CINCO PESETAS and the date September 4, 1940, this is what you have: the banknote cataloged as Pick-123 (Edifil 443).
It is one of the small banknotes from the immediate post-war period, when low-value paper currency was needed for everyday life. It is dated Madrid, September 4, 1940, the same as the 1-peseta note from that issue, and it was put into circulation in April 1941. It was printed in Germany by the firm Giesecke & Devrient, as can be read at the bottom of the reverse, and was manufactured in enormous quantities: more than one billion copies.
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 original, and what to do if you want to sell it. You won't find prices: I will explain why further down.
The Alcázar of Segovia: what appears on this banknote
This note does not feature a portrait. On the right of the obverse, in violet, you can see the Alcázar of Segovia, the castle on the rock where the Eresma and Clamores rivers converge, with its Tower of John II. On the left, inside an oval, is the coat of arms of Spain from that period, with the eagle of Saint John. In the center, it reads "Cinco pesetas de curso legal" (Five legal tender pesetas), the date, and the three signatures: the governor, the comptroller, and the cashier.
The reverse is very simple: a large blue "5" inside a guilloche rosette, the legend "Banco de España" above and "Pesetas" below, over a green background with "cinco pesetas" repeated in microtext throughout the frame.
Banknote fact sheet
| Face value | 5 pesetas |
|---|---|
| Banknote date | Madrid, September 4, 1940 |
| Pick catalog | P-123 |
| Edifil | 443 |
| Printer | Giesecke & Devrient, Leipzig (Germany) |
| Dimensions | 110 × 59 mm |
| Series | A to M |
| Print run | More than one billion copies; the M series, only about 225,000 |
| Issued | April 5, 1941 |
| Signatures | Antonio Goicoechea Cosculluela, Antonio Victoriano Martín Martín and Juan Villarroya Masfarner |
| Numbering | In red, twice on the reverse |
| Obverse | The Alcázar of Segovia and the coat of arms of Spain of the period |
| Reverse | Large "5" in a rosette and the legend "Banco de España" |
How to know if yours is original
There are so many originals of this banknote that reproductions are not abundant, but there are collectible sheets and facsimiles. Unlike the large banknotes of the era, this one is not intaglio printed: it is a small note, printed more simply, so the relief trick is of little use. Look more closely at this:
- Look for the imprint. Below the reverse frame, in tiny letters, it reads "Leipzig - Giesecke & Devrient - Berlin". If it is missing, or blurry and illegible under a magnifying glass, be suspicious.
- Look where the number is. The numbering, in red, is on the reverse, twice, with the series letter in front. The obverse has no number. Both numbers must be identical.
- Check the pattern with a magnifying glass. On an original, the colored backgrounds are made with fine guilloche lines and microtext. A photocopy or modern print turns them into a cloud of dots.
- Touch the paper. It is thin but firm paper with body. A reproduction on printer paper is whiter, smoother, and creases differently.
Don't confuse it with other 5-peseta banknotes
From the same period, there are several 5-peseta banknotes that look little alike but are confused by name: the Burgos notes of 1936 and 1938, during the war, and the post-war notes with portraits, such as the 1947 note featuring Seneca or the 1948 one featuring Elcano. If yours has a portrait, this is not it. If it has a castle on the right and the date 1940, it is.
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 tell you clearly, because it’s what I’m asked most often: there are tons of these banknotes. They were printed by the millions and many, many families kept one in a drawer. Except for rare exceptions, only those in perfect condition have value: no stains, no creases, no tears, and no worn corners. Most likely, if yours has circulated, it is worth nothing or almost nothing.
To know if it is truly perfect, look at it with tangential light: turn off the ceiling light, place a lamp or light from a window to the side, almost skimming the note, and tilt it slowly. This is how creases, marks from being folded, and ironed areas appear, which are not visible from the front. A banknote that looks new at first glance often has a crease in the center.
There is one exception that is worth looking for: the M series. While one hundred million banknotes were printed of almost all other letters, only about 225,000 were produced for the M series. Look at the letter in front of the number on the reverse: if it is an M, send me photos even if the banknote has circulated.
I do not publish price ranges, and here is 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 appraise 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 perfect or belongs to the M series, the process is simple.
You send me photos via WhatsApp—obverse, reverse, a detail of the numbering, and one held up to the light—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 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 to you at my own expense.
I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also appraise 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 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 meet at my store in Gijón, at Calle Cabrales 77, by appointment.
Frequently Asked Questions
What is on the 5-peseta banknote of 1940?
The Alcázar of Segovia, on the right of the obverse, and the coat of arms of Spain from the period, with the eagle, on the left. On the reverse, there is a large "5" inside a rosette, with the legend "Banco de España".
Where is the serial number?
On this banknote, the numbering is not on the obverse, but on the reverse: in red, twice, with a series letter in front (for example, "C6199908").
Is there a rare series?
Yes, the M series. For most letters, one hundred million banknotes were printed, but for the M, only about 225,000. If yours has an M in front of the number, send me photos even if it has circulated.
Can I exchange it at the Banco de España?
No. Pesetas could no longer be exchanged as of 2021, and furthermore, 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 with a magnifying glass at the imprint on the reverse, with the name of Giesecke & Devrient, and the color backgrounds: in an original, these are fine lines and microtext; in a copy, a dot pattern. Also, check that the two red numbers on the reverse are identical. If you have doubts, send me photos and I will tell you for free.
How much is the 5-peseta banknote of 1940 worth?
Most likely little to nothing. So many of these banknotes have been preserved that, except for rare exceptions, only perfect specimens have value: without stains, creases, 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 it even if it has circulated?
Usually no. There are so many of these banknotes that a specimen with creases, stains, or tears has no market 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.
The other banknotes from this issue
With the same date of September 4, 1940, this small banknote was also released. If you have it, send me photos just like with this one:
- 1-peseta banknote of 1940 (September 4) — the Santa María ship
Other banknotes from 1940
If you have larger banknotes from that year in the same envelope, here are the ones that have already been explained:
- 25-peseta banknote of 1940 — Juan de Herrera
- 500-peseta banknote of 1940 (January issue) — Juan de Austria
- 500-peseta banknote of 1940 (October issue) — The Burial of the Count of Orgaz
Other 5-peseta Banco de España banknotes
If you are not quite sure which one is yours, compare it with these: they are all 5 pesetas but from different issues.
- 5-peseta banknote of 1898 — Isabella the Catholic (the one that never circulated)
- 5-peseta banknote of 1936 (Burgos) — the coat of arms of Spain
- 5-peseta banknote of 1937 (Burgos) — the allegory of commerce
- 5-peseta banknote of 1938 (Burgos) — the large "5"
General guide: selling old Banco de España banknotes. If you also have pesetas from other periods, 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