1874 500-peseta banknote: what it is and what to do if you have one

Anverso del billete de 500 pesetas del Banco de España del 1 de julio de 1874, Goya

If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 500 PESETAS, and the date July 1, 1874, this is what you have: the banknote cataloged as Pick-4 and Edifil 262.

Obverse of the 500 peseta banknote of the Bank of Spain from July 1, 1874, Goya Reverse of the 500 peseta banknote of the Bank of Spain from July 1, 1874
Obverse and reverse of the 500 peseta banknote from July 1, 1874. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is part of the issue of July 1, 1874: the first issue after the decree of March 19, 1874, which gave the Bank of Spain the monopoly on issuance.

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: I explain why below.

Francisco de Goya: who is the face on this banknote

Francisco de Goya y Lucientes (Fuendetodos, 1746 - Bordeaux, 1828) needs no introduction, but it is worth pointing out why he is on the highest-circulation banknote of the first issue.

In 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 was to place into the hands of the people the country's most indisputable cultural emblem at a time—the republic recently fallen, the Carlist War underway—when almost everything else was being debated.

Curiously, Goya appears twice in this same issue: here in person, and on the 50 pesetas through the portrait he painted of Rafael Esteve.

Banknote fact sheet

Face value 500 pesetas
Date of issue 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 lion, next to a 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 an original

It is worth knowing this first and foremost, because many more reproductions than originals of Spanish banknotes from this era circulate: collector's prints 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 an intaglio technique on linen paper. That leaves specific marks that a modern reproduction does not have:

  • Relief to the touch. Run the tip of your finger 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 10x 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 pulp. When held up to the light, it should appear to be 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 lion, next to a 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 regardless: I gain nothing by having you believe otherwise.

Original or facsimile? I'll tell you today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com

What makes it worth more or less

With this banknote, as with the entire 19th-century series, condition is king, followed immediately by repairs: a specimen that has been washed, ironed, has taped tears, or trimmed margins loses a great deal of value, even if it "looks better."

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 value 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 antique banknotes.

How I buy them from you

You send me photos via WhatsApp—obverse, reverse, a detail of the numbering, and one held up to 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 at my own expense.

I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also value it for you for insurance or inheritance purposes, without buying it, and I can manage the grading process via PMG or consignment.

I buy throughout Spain, wherever you live, and the process is always the same. If you are nearby, in any council in Asturias, I will go to your home to see it at no cost, and you can also bring it to my shop in Gijón, at Calle Cabrales 77, by appointment.

Frequently asked questions

Who is on the 500 peseta banknote of 1874?
Francisco de Goya. On the obverse — allegorical woman crowned with a cornucopia and lion, next to a portrait of Francisco de Goya.

How many were printed?
The print run was 769,500 copies. Beware of 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 an original or a reproduction?
The fastest way: look at the portrait with a magnifying glass (continuous engraved line for an original, a grid of dots for a copy) and run your finger over the letters looking for relief. If you have doubts, send me photos and I'll tell you for free, even if it turns out to be a facsimile.

How much is the 500 peseta banknote of 1874 worth?
It depends entirely on the specimen: the condition, the 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 them even if they are circulated or have defects?
Yes, provided it is an original and not restored. For banknotes of this era, honest circulation is not a problem; what truly penalizes value is repair.

The other banknotes from this issue

Other 500 peseta banknotes from the Bank of Spain

If you aren't quite sure which one yours is, compare it with these: they are all 500 pesetas but from different issues.

General guide: selling antique Bank of Spain banknotes. And if more pesetas have appeared in the same drawer, I'll 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

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¿Prefieres venderlo en consignación?

Además de comprártelo, puedo venderlo por ti en consignación. Es la forma de sacar más dinero por tu colección: la ofrezco a los compradores que más pagan por cada pieza, porque llevo diez años construyendo una base de datos de compradores segmentada y sé a quién ofrecer cada billete o moneda.

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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Te atiendo en mi tienda de Gijón, Calle Cabrales 77, junto al Parque de Begoña, con cita previa. Y si vives lejos, en cualquier concejo de Asturias voy a tu casa gratis después de ver unas fotos.

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