1874 50-peseta banknote: what it is and what to do if you have one
If you have before you a banknote that reads EL BANCO DE ESPAÑA, 50 PESETAS, and the date July 1, 1874, this is what you have: the banknote cataloged as Pick-2 and Edifil 260 / 260a.
It is part of the July 1, 1874 issue: the first issue following the decree of March 19, 1874, which granted the Bank of Spain the monopoly on issuance.
Here you will find who or what appears on it, how to distinguish it from those that resemble it, how to check if yours is original, and what to do if you want to sell it. You will not find prices: I explain why below.
Rafael Esteve y Vilella: who is the face on this banknote
Rafael Esteve y Vilella (Valencia, 1772 - Madrid, 1847) was the best Spanish engraver of his time and chamber engraver to Ferdinand VII. His work consisted of exactly this: transferring to metal, line by line, images that were later printed by the thousands.
The fact that the Bank of Spain chose an engraver for its first 50 pesetas banknote is no accident, and there is a detail that makes it perfect: the portrait that appears on the banknote is taken from the one Goya painted of him. So, this banknote features two overlapping crafts—the painter who paints the portrait and the engraver who is portrayed—in an object that only exists thanks to the latter.
Banknote fact sheet
| Face value | 50 pesetas |
|---|---|
| Banknote date | July 1, 1874 |
| Pick catalog | P-2 |
| Edifil catalog | 260 / 260a |
| Printer | Bank of Spain workshop, Madrid |
| Print run | 704,000 copies |
| Dimensions | 146 × 80 mm |
| Put into circulation | — |
| Obverse | Portrait of Rafael Esteve —taken from the one painted by Goya— with geometric and floral borders, printed in black and gray with green numbering |
| Reverse | Blue printing with geometric designs and the legend "SERIE DE CINCUENTA PESETAS" |
A note on this specific banknote. It is the first Spanish banknote denominated in pesetas instead of escudos.
How to tell if yours is original
It is best to know this first, because far more reproductions than originals of Spanish banknotes from this period are in circulation: collector's prints from the seventies and eighties, catalog facsimiles, and press reprints.
This banknote was engraved and printed in the Bank of Spain's workshop in Madrid, using intaglio technique on linen paper. This leaves specific marks that a modern reproduction does not have:
- Relief to the touch. Run your fingertip over the portrait, the numbers, and the letters of the title: on an original, you can feel the raised ink. An offset-printed facsimile is completely flat.
- Engraved line, not halftone. With a 10x magnifying glass, the original portrait is rendered in fine, continuous lines. If you see a grid of dots, it is modern printing.
- Watermark in the pulp. When held up to the light, it should appear as if formed within the paper, not printed on top.
- Cotton linen paper, rough and crisp when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Measure it. This banknote measures 146 × 80 mm. Photographic copies almost always lose two or three millimeters, so a ruler settles many doubts in ten seconds.
- Check the exact motif. On the obverse — portrait of Rafael Esteve —taken from the one painted by Goya— with geometric and floral borders, printed in black and gray with green numbering. On the reverse — blue printing with geometric designs and the legend "SERIE DE CINCUENTA PESETAS".
- Keep the print run in mind. 704,000 copies were printed, but that was over 140 years ago, and the vast majority were withdrawn and destroyed.
I will 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 making you believe otherwise.
Original or facsimile? I can tell you today, no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
What makes it worth more or less
With this banknote, as with the entire 19th-century series, preservation is king, followed closely by repairs: a washed, pressed, taped, or trimmed specimen loses a great deal of value, even if it "looks better."
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 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 use 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 from you
You send me photos via WhatsApp —obverse, reverse, a detail of the numbering, 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, providing a firm offer. I pay for shipping, and I will transfer the funds 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 provide an appraisal for insurance or inheritance purposes, without buying anything, and I can manage your PMG grading or consignment.
It does not matter where you live: I buy throughout Spain and the process is the same. If you are in Asturias, I can also come see it at your home at no cost, or we can look at it calmly at my shop in Gijón, at Calle Cabrales 77, by appointment.
Frequently asked questions
Who is on the 1874 50 pesetas banknote?
Rafael Esteve y Vilella. On the obverse — portrait of Rafael Esteve —taken from the one painted by Goya— with geometric and floral borders, printed in black and gray with green numbering.
How many were printed?
The print run was 704,000 copies. Beware of a common misconception: a high print run in the 19th century does not mean there are many left today. These banknotes were systematically withdrawn and destroyed, and what matters is how many survive, not how many were made.
How do I know if mine is original or a reproduction?
The fastest way: look at the portrait with a magnifying glass (continuous engraved line for an original, halftone of dots for a copy) and run your finger over the letters feeling 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.
What is the 1874 50 pesetas banknote worth?
It depends entirely on the specimen: condition, margins, and any repairs move the price drastically. I do not give figures blindly because it would not be honest. With photos, I can tell you what yours is worth in less than 24 hours.
Do you buy it even if it is circulated or has defects?
Yes, as long as it is original and not restored. For banknotes from this period, honest circulation is not a problem; what really penalizes the value is repairs.
The other banknotes from this issue
- 25 pesetas banknote 1874 — children carrying baskets
- 100 pesetas banknote 1874 — Juan de Herrera
- 500 pesetas banknote 1874 — Goya
- 1000 pesetas banknote 1874 — Alonso Cano
Other 50 pesetas Bank of Spain banknotes
If you are not sure which one is yours, compare it with these: they are all 50 pesetas but from different issues.
- 50 pesetas banknote 1875 — allegories of commerce
- 50 pesetas banknote 1878 — Calderón de la Barca
- 50 pesetas banknote 1880 — Campomanes
- 50 pesetas banknote 1884 (January issue) — Mendizábal
- 50 pesetas banknote 1884 (July issue) — Bravo Murillo
- 50 pesetas banknote 1886 — Goya
- 50 pesetas banknote 1889 — Goya (second issue)
- 50 pesetas banknote 1893 — Jovellanos
- 50 pesetas banknote 1898 — Jovellanos
- 50 pesetas banknote 1899 — Quevedo
- 50 pesetas banknote 1902 — Velázquez
- 50 pesetas banknote 1905 — Echegaray
- 50 pesetas banknote 1906 — allegory with caduceus
- 50 pesetas banknote 1907 — Burgos
- 50 pesetas banknote 1927 — Alfonso XIII
- 50 pesetas banknote 1928 — Velázquez and the Prado Museum
- 50 pesetas banknote 1931 — Eduardo Rosales
- 50 pesetas banknote 1935 — Santiago Ramón y Cajal
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 one of the reverse and I will tell you today what you have.
WhatsApp +34 644 54 98 79