1905 50-peseta banknote: what it is and what to do if you have one
If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 50 PESETAS, and the date March 19, 1905, this is what you have: the banknote cataloged as Pick-56.
It is part of the 1904-1905 issue, the last one manufactured in the Bank of Spain's workshop before Spanish banknotes began to be printed in London again, starting in 1906.
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 will not find prices: I explain why below.
José Echegaray: who is the face on this banknote
José Echegaray y Eizaguirre (Madrid, 1832-1916) was an engineer, mathematician, playwright, and politician, and in 1904 he received the Nobel Prize in Literature, the first for a Spaniard. This banknote is a rarity for its time: the Bank of Spain paid tribute to a living person, something it almost never did.
The date is not coincidental either. On March 19, 1874, the decree was signed that gave the Bank of Spain the monopoly on issuing banknotes, and that decree came from Echegaray, then Minister of Finance. The banknote bears the same date, thirty-one years later, just when he was being given a great tribute for the Nobel Prize. The reverse features two cherubs and the coats of arms of Castile, Leon, Aragon, and Navarre. It was engraved by Enrique Vaquer.
Banknote fact sheet
| Face value | 50 pesetas |
|---|---|
| Banknote date | March 19, 1905 |
| Pick Catalog | P-56 |
| Printer | Bank of Spain workshop, Madrid |
| Engraver | Enrique Vaquer |
| Mintage | 3,000,000 copies |
| Put into circulation | November 1906 |
| Watermark | Head of the goddess Minerva |
| Signatures | Manuel Allendesalazar, Emilio Rodero and Luis Clemente Fabiani |
| Obverse | Portrait of José Echegaray with floral motifs |
| Reverse | Two cherubs, winged emblem and coats of arms of Castile, Leon, Aragon and Navarre |
How to know if yours is original
It is worth knowing this first of all, because many more reproductions than originals of Spanish banknotes from this era are in circulation: collector's sheets 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 quality paper. This leaves specific marks that a modern reproduction does not have:
- Relief to the touch. Run your fingertip over the design, the numbers, and the letters of the title: in an original, you can feel the ink's raised texture. An offset-printed facsimile is completely flat.
- Engraved line, not screening. With a 10x magnifying glass, the original engraving resolves into fine, continuous lines. If you see a grid of dots, it is a modern print.
- Watermark within the pulp. Held against the light, the watermark should appear formed within the paper, not printed on top.
- Banknote paper, not photocopy paper. The original is resistant, substantial paper that makes a sound when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Check the exact motif. On the obverse — portrait of José Echegaray. On the reverse — two cherubs with the coats of arms of Castile, Leon, Aragon, and Navarre.
- Look for the Minerva watermark. Held against the light, the head of the goddess Minerva should appear formed within the paper. In a copy, it is either absent or looks printed on top.
- Keep the mintage in mind. 3,000,000 copies were printed, but that was over 120 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'll let you know today, with no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
What makes it worth more or less
For this banknote, condition is key. It is a banknote much loved by collectors, and the difference between a very worn specimen and a clean one with good paper is enormous. Repairs (washing, ironing, taped tears) significantly reduce its value.
I do not publish price ranges, and I'll explain 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 tape anything with adhesive 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 it from you
You send me photos via WhatsApp —obverse, reverse, a detail of the numbering, and one against the light— and I will reply to you 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 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 postage myself.
I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also appraise it for you 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 without charging you for the visit, or we can meet at my shop in Gijon, at Calle Cabrales 77, by appointment.
Frequently asked questions
Who is on the 1905 50 pesetas banknote?
José Echegaray, 1904 Nobel Prize in Literature. The reverse features two cherubs with the coats of arms of Castile, Leon, Aragon, and Navarre.
How many were printed?
3,000,000 copies were printed, but that was over 120 years ago and the vast majority were withdrawn and destroyed.
How do I know if mine is original or a reproduction?
The quickest way: look at the design with a magnifying glass (continuous engraved line in an original, grid of dots in a copy) and run your finger over the letters looking for relief. If you have questions, send me photos and I will tell you for free, even if it turns out to be a facsimile.
How much is the 1905 50 pesetas banknote worth?
It depends entirely on the specimen: condition, margins, and any repairs change the price drastically. I do not give figures blindly because they 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, provided it is original and not restored. For banknotes from this era, honest circulation is not a problem; what truly penalizes value is tampering.
Why does it bear the date of March 19?
Because on March 19, 1874, the decree that gave the Bank of Spain the monopoly on issuing banknotes was signed, and that decree was authored by Echegaray himself, who was Minister of Finance at the time.
The other banknotes from this issue
Other 50 pesetas banknotes from the Bank of Spain
If you are not quite sure which one is yours, compare it to these: they are all 50 pesetas but from different issues.
- 50 pesetas banknote of 1874 — Rafael Esteve
- 50 pesetas banknote of 1875 — allegories of commerce
- 50 pesetas banknote of 1878 — Calderón de la Barca
- 50 pesetas banknote of 1880 — Campomanes
- 50 pesetas banknote of 1884 (January issue) — Mendizábal
- 50 pesetas banknote of 1884 (July issue) — Bravo Murillo
- 50 pesetas banknote of 1886 — Goya
- 50 pesetas banknote of 1889 — Goya (second issue)
- 50 pesetas banknote of 1893 — Jovellanos
- 50 pesetas banknote of 1898 — Jovellanos
- 50 pesetas banknote of 1899 — Quevedo
- 50 pesetas banknote of 1902 — Velázquez
- 50 pesetas banknote of 1906 — the allegory with the caduceus
- 50 pesetas banknote of 1907 — Burgos
- 50 pesetas banknote of 1927 — Alfonso XIII
- 50 pesetas banknote of 1928 — Velázquez and the Prado Museum
- 50 pesetas banknote of 1931 — Eduardo Rosales
- 50 pesetas banknote of 1935 — Santiago Ramón y Cajal
General guide: selling old Bank of Spain banknotes. If you have more pesetas kept at home, see which peseta banknotes and coins have value.
Send me a photo of the obverse and another of the reverse and I'll tell you today what you have.
WhatsApp +34 644 54 98 79