1935 50-peseta banknote (Ramón y Cajal): what it is and whether yours is worth anything
If you have a banknote in front of you that reads EL BANCO DE ESPAÑA, CINCUENTA PESETAS and the date July 22, 1935, this is what you have: the banknote cataloged as Pick-88 (Edifil 366), the one featuring Santiago Ramón y Cajal.
It is a Second Republic banknote dedicated to Santiago Ramón y Cajal, who had died in October 1934. It was printed in London by the Thomas de la Rue firm, as indicated at the bottom of the obverse, and was not put into circulation until August 19, 1938, in the republican zone and in the midst of the war.
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 an original, and what to do if you want to sell it. You won't find prices here: I will explain why further down.
Santiago Ramón y Cajal: who is the face on this banknote
Santiago Ramón y Cajal (Petilla de Aragón, 1852 - Madrid, 1934), the physician and researcher who discovered that the nervous system is made up of independent cells, the neurons. He shared the 1906 Nobel Prize in Medicine. On the obverse, he appears on the right, facing forward, with glasses and a white beard, and on the sides are two female figures: on the left, a winged Fame playing a trumpet, and on the right, Minerva with an owl in her hand. Above, the shield of the Republic.
On the reverse, in blue, is the monument to Ramón y Cajal from the Retiro Park in Madrid, a work by the sculptor Victorio Macho, inaugurated in 1926, with the inscription "Fons vitae, fons mortis, Cajal".
Banknote fact sheet
| Face value | 50 pesetas |
|---|---|
| Banknote date | Madrid, July 22, 1935 |
| Pick catalog | P-88 |
| Edifil | 366 |
| Printer | Thomas de la Rue & Co., London |
| Dimensions | 130 × 90 mm |
| Series | No series and series A |
| Put into circulation | August 19, 1938 |
| Signatures | Alfredo de Zavala y Lafora, Adolfo Castaño Orejón and Joaquín Serrano Montero |
| Watermark | Head of Ramón y Cajal |
| Obverse | Santiago Ramón y Cajal, Fame and Minerva |
| Reverse | Monument to Cajal in the Retiro, by Victorio Macho |
How to tell if yours is an original
Many originals of this banknote have been preserved, but reproductions are also in circulation. It was printed in London by Thomas de la Rue, using intaglio printing, which leaves specific marks:
- 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 ten-power magnifying glass, the original engraving is composed of fine, continuous lines. If you see a dot pattern, it is a modern print.
- Watermark in the pulp. When held up to the light, the watermark should appear to be formed within the paper, not printed on top of it.
- Banknote paper, not photocopy paper. The original is a resistant, substantial paper that makes a sound when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Look at the white circle on the reverse. On the right side of the reverse, when held up to the light, the head of Cajal should appear formed within the paper.
- Look for the printer's imprint. Below the frame on the obverse, in tiny letters, "Thomas de la Rue & Coy. Ltd., London, England".
- Check the numbering. In red, once on the obverse and four times on the reverse, with no letter or with an A in front. All numbers must match.
- Don't let the color confuse you. There are specimens that are more violet and others more lilac due to how the inks have aged. These are not official variations nor do they indicate a forgery.
I will confirm it 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 with you, because it is what I am asked the most: 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, without folds, without tears, and without worn corners. It is most likely that yours, if it has circulated, is worth nothing or almost nothing.
To find out if it really is perfect, look at it with tangential light: turn off the ceiling light, place a lamp or a window light from the side, almost grazing the banknote, and tilt it slowly. This is how folds, marks from being folded, 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.
The only thing that really counts here is that it is uncirculated. The A series is seen less than the notes without a series, but it doesn't change much if the banknote is heavily used.
I do not publish price ranges, and I will explain why: the value depends entirely on the specific specimen, and that doesn't 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 scotch 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 in perfect condition, 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 reply within 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 money on the same day I receive and verify the item; if it does not match the photos, I will return it to you and I will pay for the return shipping.
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 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 you for the visit, or we can meet at my store in Gijón, at Calle Cabrales 77, by appointment.
Frequently asked questions
Who is on the 50 pesetas banknote of 1935?
Santiago Ramón y Cajal, the Aragonese scientist who received the Nobel Prize in Medicine in 1906. On the reverse is his monument in the Retiro Park in Madrid, a work by Victorio Macho.
My banknote is a different color than the one in the photo, is it a fake?
Not necessarily. Specimens of this banknote appear with different tones, more violet or more lilac. These are due to chemical changes in the inks over time, not official variations.
Can I exchange it at the Bank of Spain?
No. Pesetas could no longer be exchanged as of 2021, and besides, this banknote had already lost its legal tender status long before that. Today it only has collector value.
How do I know if mine is an original or a reproduction?
The quickest way: look at the drawing with a magnifying glass (continuous engraved line in an original, dot pattern in a copy) and run your finger over the letters looking for relief. If you have any doubts, send me photos and I'll tell you for free, even if it turns out to be a facsimile.
How much is the 50 pesetas banknote of 1935 worth?
Most likely little or nothing. Many of these banknotes have been preserved and, except for a few rare exceptions, only perfect specimens have 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 has circulated?
Usually not. There are so many of these notes that a specimen with folds, stains, or tears has no appeal 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 no strings attached.
Other Republic banknotes from the same period
If you have other Second Republic banknotes from the mid-thirties in the same envelope, here are the ones that have already been explained:
Other 50 pesetas banknotes from the Bank of Spain
If you aren't sure which one yours is, compare it with 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 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
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