1931 50 peseta banknote (Eduardo Rosales): what it is and if yours is worth anything

If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, CINCUENTA PESETAS, and the date April 25, 1931, this is what you have: the banknote cataloged as Pick-82 (Edifil 359), the Eduardo Rosales note.

Obverse of the 50 pesetas banknote from the Bank of Spain dated April 25, 1931, with the portrait of Eduardo Rosales Reverse of the 50 pesetas banknote from the Bank of Spain dated April 25, 1931
Obverse and reverse of the 50 pesetas banknote dated April 25, 1931. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is part of the first issue of the Second Republic, dated April 25, 1931, just eleven days after it was proclaimed: Vicente López on the 25 pesetas note, Rosales on this 50 note, the Great Captain on the 100, Elcano on the 500, and Zorrilla on the 1000. It was printed in England by the Bradbury Wilkinson firm, but it did not enter circulation until February 15, 1937, in the Republican zone.

Here you have 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 further down.

Eduardo Rosales: who is the face on this banknote

Eduardo Rosales Gallinas (Madrid, 1836-1873), one of the great history painters of the 19th-century Spanish era, author of The Testament of Isabella the Catholic. He died at only 36 years of age. On the obverse, he appears on the left, with a beard, and on the right is a large white circle for the watermark.

On the reverse, his painting The Death of Lucretia is reproduced, which is in the Prado Museum: the scene of the Roman lady who took her own life after being outraged, with the men who swear to avenge her.

Banknote Data Sheet

Face value 50 pesetas
Date of the banknote Madrid, April 25, 1931
Pick Catalog P-82
Edifil 359
Printer Bradbury Wilkinson & Co., New Malden (England)
Series No series
Print run 10,000,000 copies
Put into circulation February 15, 1937
Signatures Julio Carabias Salcedo, Adolfo Castaño Orejón, and Bonifacio Burgos Delgado
Watermark Female head
Obverse Eduardo Rosales
Reverse "The Death of Lucretia", by Rosales (Prado Museum)

How to know if yours is original

Many originals of this banknote are preserved, but reproductions also circulate. It was printed in England by the Bradbury Wilkinson firm, using intaglio (steel engraving) technique, and that leaves specific marks:

  • Relief to the touch. Run your fingertip over the portrait, the numbers, and the title letters: on an original, you can feel the raised ink. An offset-printed facsimile is completely flat.
  • Engraved line, not a grid. With a 10x magnifying glass, the original engraving is resolved into fine, continuous lines. If you see a grid of dots, it is modern printing.
  • Watermark in the pulp. Against the light, the watermark should appear formed within the paper, not printed on top.
  • Banknote paper, not photocopied paper. The original is a resistant paper with body, which makes a sound when shaken. Modern coated paper is smooth and cold.

Specific checks for this banknote

  • Look at the white circle on the obverse. On the right, against the light, a female head formed within the paper should appear.
  • Look for the printer's imprint. Below the frame, in tiny letters, you can read the name of Bradbury Wilkinson and New Malden, Surrey, England.
  • Check the numbering. Seven digits without a series letter: once on the obverse, in black, and four on the reverse, in red. All identical.
  • Do not confuse it with the 1935 note. The 50 pesetas note of 1935 features Santiago Ramón y Cajal and his monument in the Retiro park.

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 strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com

Is your banknote worth anything? Most likely not

I'll be blunt, because it's what I am asked most often: there are tons of these banknotes. They were printed by the millions and many families kept one in a drawer. Except for a few rare exceptions, only those in perfect condition have value: without stains, folds, tears, or worn corners. Usually, 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 grazing the banknote, and tilt it slowly. This is how folds, creases, and ironed 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.

With ten million copies printed, the only thing that really counts here is that it be uncirculated, with firm paper, sharp corners, and no folds.

I do not publish price ranges, and I'll explain why: the value depends entirely on the specific specimen, and that does not fit in a table. A generic figure from the internet only serves to cause 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 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

If yours is perfect, 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 answer 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 piece; if it does not match the photos, I will return it to you and I will pay 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 PMG grading 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 see it at my shop in Gijón, at Calle Cabrales 77, by appointment.

Frequently Asked Questions

Who appears on the 50 pesetas banknote of 1931?
The Madrid painter Eduardo Rosales (1836-1873). On the reverse appears his painting "The Death of Lucretia," which is in the Prado Museum.

Is it a Republic banknote?
Yes. It is dated April 25, 1931, days after the Second Republic was proclaimed, but it was not put into circulation until February 1937, in the middle of the war.

Can I exchange it at the Bank of Spain?
No. Pesetas could no longer be exchanged as of 2021, and furthermore, this banknote had already lost its legal tender status long before. Today it only has collector's value.

How do I know if mine is original or a reproduction?
The fastest way: look at the drawing 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 doubts, send me photos and I will tell you for free, even if it turns out to be a facsimile.

How much is the 50 pesetas banknote of 1931 worth?
Most of the time, little or nothing. There are many of these banknotes preserved and, except for few exceptions, only perfect specimens are of value: without stains, folds, or tears. Look at it with tangential light, a light from the side that grazes 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 is circulated?
Usually no. There are so many of these banknotes that a copy with folds, stains, or tears has no market 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 without obligation.

The other banknotes of this issue

The banknotes dated April 25, 1931, are these. If you have any, send me photos just as with this one:

Other 50 pesetas banknotes from the Bank of Spain

If you aren't quite sure which one yours is, compare it with these: they are all 50 pesetas but from different issues.

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 another of the reverse and I will tell you today what you have.
WhatsApp +34 644 54 98 79

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Yo cobro un porcentaje de la venta, así que cuanto mejor la vendo, más ganas tú. La contrapartida es el tiempo: encontrar al comprador que más paga lleva más que una compra directa. Por eso es ideal si no tienes prisa por vender.

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