1928 50-peseta banknote (Velázquez): what it is and if yours is worth anything
If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 50 PESETAS and the date August 15, 1928, this is what you have: the banknote cataloged as Pick-75.
It is part of the August 15, 1928 issue, the last major series dated from the reign of Alfonso XIII: five banknotes printed by Bradbury Wilkinson and dedicated to great figures of Spanish history and culture (Calderón, Velázquez, Cervantes, Cisneros, and Ferdinand III). Several did not reach circulation with the king; they were released during the Second Republic, and in huge quantities.
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 here; I explain why below.
Diego Velázquez: who is the face on this banknote
Diego Velázquez (Seville, 1599 - Madrid, 1660), chamber painter to Philip IV and the great figure of Spanish painting. On the obverse, his portrait appears next to the Prado Museum, where a large part of his work is kept.
The reverse reproduces one of his most famous paintings, The Surrender of Breda (also known as The Lances). The watermark is a fragment of his Sibyl, which is believed to be a portrait of Juana Pacheco, his wife.
Banknote fact sheet
| Face value | 50 pesetas |
|---|---|
| Date of the banknote | August 15, 1928 |
| Pick catalog | P-75 |
| Printer | Bradbury Wilkinson & Co., New Malden (England) |
| Print run | 60,000,000 copies |
| Series | No series and series A to E |
| Put into circulation | July 1932 |
| Signatures | Carlos Vergara Cailleaux, Adolfo Castaño Orejón, and Bonifacio Burgos Delgado |
| Obverse | Diego Velázquez and the Prado Museum |
| Reverse | "The Surrender of Breda," by Velázquez |
| Watermark | Fragment of the "Sibyl" by Velázquez |
How to know if yours is original
Many originals of this banknote are preserved, but there are also reproductions in circulation: collector sheets from the seventies and eighties, catalog facsimiles, and press reprints. It is worth ruling this out first.
This banknote was printed in England by the Bradbury Wilkinson firm, one of the world's great banknote printers, using intaglio (steel engraving) technique. This leaves specific marks that a modern reproduction does not have:
- Relief to the touch. Run your fingertip over the design, the figures, and the letters of the title: on an original, you can feel the ink's raised texture. An offset-printed facsimile is completely flat.
- Engraved line, not screening. With a ten-power 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. When held up to the light, the watermark should appear formed within the paper, not printed on top.
- Banknote paper, not photocopier paper. The original is a durable, substantive paper that rustles when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Check the exact motif. On the obverse — Velázquez and the Prado Museum. On the reverse — "The Surrender of Breda."
- Look at the watermark against the light. You should see the head of Velázquez's Sibyl formed in the paper itself.
- Look for dry seals from Burgos. Some copies of the first variant bear dry seals from the Spanish State of Burgos, which validated them during the Civil War. These are separate variants.
- Do not confuse it with the 1902 one. The 50 pesetas banknote from 1902 also features Velázquez, but it is a different design, with The Forge of Vulcan on the reverse.
- Keep the print run in mind. 60,000,000 copies were printed: it is one of the most preserved Spanish banknotes of its era.
I will confirm it for you 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'll tell you today, no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
Is your banknote worth anything? It most likely isn't
I’m telling you straight, because it’s what I’m asked most often: there are tons of these banknotes. They were printed by the millions, circulated for years, and many families kept one in a drawer. Except for rare exceptions, only those in perfect condition have value: without stains, folds, tears, or 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 tangential light: turn off the overhead light, place a lamp or light from a window to the side, almost skimming the banknote, and tilt it slowly. This reveals creases, marks from having been folded, and ironed-out areas that are not visible head-on. A banknote that looks new to the naked eye often has a fold in the center.
I do not publish price ranges, and I’ll explain why: the value depends entirely on the specific specimen, and that cannot fit in a table. A generic figure from the internet only leads to disappointment. Send me photos and I will evaluate 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 is one of those exceptions, the process is simple.
You send me photos via WhatsApp—obverse, reverse, a detail of the numbering, and one against 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 transfer the money the same day I receive and verify the piece; if it does not match the photos, I will return it to you and I will 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 your grading by PMG or consignment.
I buy throughout Spain, wherever you live, and the process is always this. If you are nearby, in any municipality in Asturias I will go to see it at your house at no cost, and you can also bring it to my store in Gijón, at Calle Cabrales 77, by appointment.
Frequently asked questions
Who is on the 1928 50 pesetas banknote?
Diego Velázquez, next to the Prado Museum. The reverse shows his painting "The Surrender of Breda."
How many were printed?
60,000,000 copies were printed: it is one of the most preserved Spanish banknotes of its era.
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 on an original, dot screen in a copy) and run your finger over the letters looking for relief. If you have questions, send me photos and I’ll tell you for free, even if it turns out to be a facsimile.
How much is the 1928 50 pesetas banknote worth?
It is usually worth little to nothing. Many of these banknotes are preserved and, except for rare exceptions, only perfect copies have value: without stains, folds, or tears. Look at it with tangential light, a light from the side that skims the note, 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?
Normally no. There are so many of these that a specimen with folds, stains, or tears has no interest among collectors. I am only interested in those that are perfect or rare variants. If in doubt, send me photos and I’ll tell you no strings attached.
The other banknotes in this issue
- 25 pesetas banknote of 1928 — Calderón de la Barca
- 100 pesetas banknote of 1928 — Cervantes
- 500 pesetas banknote of 1928 — Cardinal Cisneros
- 1000 pesetas banknote of 1928 — Ferdinand III the Saint
Other 50 pesetas banknotes from the Banco de España
If you aren't 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 1905 — Echegaray
- 50 pesetas banknote of 1906 — allegory with caduceus
- 50 pesetas banknote of 1907 — Burgos
- 50 pesetas banknote of 1927 — Alfonso XIII
- 50 pesetas banknote of 1931 — Eduardo Rosales
- 50 pesetas banknote of 1935 — Santiago Ramón y Cajal
General guide: selling old 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'll tell you today what you have.
WhatsApp +34 644 54 98 79