1874 500-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, 500 PESETAS and is dated July 1, 1874, this is what you have: the banknote cataloged as Pick-4 and Edifil 262.
It is part of the July 1, 1874 issue: the first issue following the decree of March 19, 1874, which gave the Bank of Spain the monopoly on issuance.
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 won't find prices: I'll explain why further down.
Francisco de Goya: who is the face of this banknote
Francisco de Goya y Lucientes (Fuendetodos, 1746 - Bordeaux, 1828) needs no introduction, but it is worth noting why he is on the most circulated banknote of the first issue.
By 1874, Goya was already the figure with whom Spain presented itself to the world: the court painter who ended up painting the executions of May 3rd and the Black Paintings. Putting him on a 500-peseta banknote meant placing into people's hands the most indisputable cultural emblem of the country at a time—the republic recently fallen, the Carlist war open—when almost everything else was being debated.
Curiously, Goya appears twice in this same issue: here in person, and on the 50 pesetas note through the portrait he painted of Rafael Esteve.
Banknote specification sheet
| Face value | 500 pesetas |
|---|---|
| Date of banknote | July 1, 1874 |
| Pick catalog | P-4 |
| Edifil catalog | 262 |
| Printer | Bank of Spain workshop, Madrid |
| Print run | 769,500 copies |
| Dimensions | 174 × 99 mm |
| Put into circulation | — |
| Obverse | Allegorical woman crowned with a cornucopia and a lion, next to the portrait of Francisco de Goya |
| Reverse | Geometric designs with the identification of the series and the issuing bank |
| Signatures | Manuel Cantero de San Vicente, Teodoro Rubio Castellanos and Manuel Díaz Moreno de Vivar |
How to tell if yours is original
It is worth knowing this first of all, because there are many more reproductions than originals of Spanish banknotes from this era circulating: collector's sheets from the seventies and eighties, catalog facsimiles, and press reprints.
This banknote was engraved and printed in the Bank of Spain workshop in Madrid, using intaglio technique on linen paper. That 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. A facsimile printed in offset is completely flat.
- Engraved line, not halftone. With a ten-power magnifying glass, the original portrait is rendered in fine, continuous lines. If you see a grid of dots, it is a modern print.
- Watermark in the paper 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 174 × 99 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 — allegorical woman crowned with a cornucopia and a lion, next to the portrait of Francisco de Goya. On the reverse — geometric designs with the identification of the series and the issuing bank.
- Look at the three signatures. On this banknote, they correspond to Manuel Cantero de San Vicente, Teodoro Rubio Castellanos and Manuel Díaz Moreno de Vivar. A signature that does not match points to another issue or a reproduction.
- Keep the print run in mind. 769,500 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 will tell you today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
What makes it worth more or less
For this banknote, as for the entire nineteenth-century series, preservation is key, followed closely by repairs: a washed, ironed specimen with glued tears or trimmed margins loses a great deal, even if it "looks better."
I do not publish price ranges, and I will 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 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 it from you
You send me photos via WhatsApp —obverse, reverse, a detail of the numbering and one backlit— and I will reply 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 item; if it does not match the photos, I will return it, paying for the return shipping 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 selling anything, and I can manage the grading by PMG or consignment for you.
I buy throughout Spain, wherever you live, and the process is always this. If you are nearby, in any council of Asturias I will come 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 1874 500-peseta banknote?
Francisco de Goya. On the obverse — allegorical woman crowned with a cornucopia and a lion, next to the portrait of Francisco de Goya.
How many were printed?
The print run was 769,500 copies. Be careful with a common confusion: a high print run in the 19th century does not mean that many remain today. These banknotes were systematically withdrawn and destroyed, and what counts is how many survive, not how many were made.
How do I know if mine is original or a reproduction?
The quickest way: look at the portrait with a magnifying glass (continuous engraved line on an original, dot matrix on 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 1874 500-peseta banknote worth?
It depends entirely on the specimen: preservation, margins, and any repair change the price drastically. I do not give figures blindly because they would not be honest. With photos, I will 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 has not been restored. In banknotes of this era, honest circulation is not a problem; what really penalizes the value is repair.
The other banknotes in this issue
- 1874 25-peseta banknote — children carrying baskets
- 1874 50-peseta banknote — Rafael Esteve
- 1874 100-peseta banknote — Juan de Herrera
- 1874 1000-peseta banknote — Alonso Cano
Other 500-peseta banknotes from the Bank of Spain
If you are not sure which one yours is, compare it with these: they are all 500 pesetas but from different issues.
- 1875 500-peseta banknote — the female allegories
- 1876 500-peseta banknote — Lope de Vega
- 1878 500-peseta banknote — Pablo de Céspedes
- 1880 500-peseta banknote — Claudio Coello
- 1884 500-peseta banknote (January issue) — Mendizábal
- 1884 500-peseta banknote (July issue) — Floridablanca
- 1886 500-peseta banknote — Goya
- 1903 500-peseta banknote — Mercury
- 1907 500-peseta banknote (January issue) — "the medallion"
- 1907 500-peseta banknote (July issue) — the Alcázar of Segovia
- 1927 500-peseta banknote — Isabella the Catholic
- 1928 500-peseta banknote — Cardinal Cisneros
General guide: selling old Bank of Spain banknotes. And if more pesetas have appeared in the same drawer, I will tell you 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