500-peseta banknote from 1878: 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 the date January 1, 1878, this is what you have: the banknote cataloged as Pick-18 and Edifil 275.
It is part of the January 1, 1878 issue: the Golden Age issue, and the only one in Spanish history to include a 250 pesetas denomination.
Here you will find who or what appears on it, how to distinguish it from those that resemble 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.
Pablo de Céspedes: who is the face on this banknote?
Pablo de Céspedes (Córdoba, 1538 - 1608) was a painter, sculptor, architect, poet, and humanist, trained in Rome in the environment of late Mannerism. Back in Córdoba, he worked for its cathedral and wrote a Poem on Painting that is both a treatise and a literary exercise.
On the banknote, he shares the obverse with the goddess Athena wearing a helmet. The pairing has its logic: the erudite artist alongside the deity of wisdom and applied arts, which is exactly the idea Céspedes defended throughout his life—that painting was an intellectual activity, not a manual trade.
Banknote fact sheet
| Face value | 500 pesetas |
|---|---|
| Banknote date | January 1, 1878 |
| Pick catalog | P-18 |
| Edifil catalog | 275 |
| Printer | Bank of Spain workshop, Madrid |
| Print run | 130,000 copies |
| Dimensions | 172 × 97 mm |
| Put into circulation | — |
| Obverse | Bust of Pablo de Céspedes facing left and helmeted head of the goddess Athena to the right |
| Reverse | The face value with geometric designs in light orange and brown |
| Signatures | José Elduayen Gorriti (governor), Teodoro Rubio Castellanos and Fernando Pérez Casariego |
How to know if yours is original
It is worth knowing this first and foremost, because there are many more reproductions than originals circulating of Spanish banknotes from this period: 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 intaglio technique on linen paper. This leaves specific marks that a modern reproduction does not have:
- Relief to the touch. Run your fingertip over the portrait, the figures, 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-times magnifying glass, the original portrait is rendered in fine, continuous lines. If you see a grid of dots, it is modern printing.
- Watermark in the pulp. Held up to the light, it should appear formed within the paper, not printed on top.
- Cotton linen paper, rough and resonant when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Measure it. This banknote measures 172 × 97 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 — bust of Pablo de Céspedes facing left and helmeted head of the goddess Athena to the right. On the reverse — the face value with geometric designs in light orange and brown.
- Look at the three signatures. On this banknote, they correspond to José Elduayen Gorriti (governor), Teodoro Rubio Castellanos, and Fernando Pérez Casariego. A signature that does not match points to another issue or a reproduction.
- Keep the print run in mind. 130,000 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 making 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
For this banknote, as with the entire 19th-century series, preservation is king, followed closely by repairs: an item that has been washed, ironed, had tears taped, or had its margins trimmed loses a great deal of value, even if it "looks better."
I do not publish price ranges, and here is why: the value depends entirely on the specific specimen, and that does not fit into a table. A generic figure from the internet only leads to 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
You send me photos via WhatsApp —obverse, reverse, a detail of the numbering, and one held up to the light— 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 the same day I receive and verify the piece; if it does not match the photos, I return it to you and I pay the return shipping costs.
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.
I buy throughout Spain, no matter where you live, and the process is always the same. If you are nearby, in any council of Asturias, I will come to see it at your home 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 1878 500 pesetas banknote?
Pablo de Céspedes. On the obverse — bust of Pablo de Céspedes facing left and helmeted head of the goddess Athena to the right.
How many were printed?
The print run was 130,000 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 original or a reproduction?
The fastest way: look at the portrait with a magnifying glass (continuous engraved line for an original, dot pattern for 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 1878 500 pesetas banknote worth?
It depends entirely on the specimen: preservation, margins, and any repairs move 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 it even if it is circulated or has defects?
Yes, as long as it is original and not restored. For banknotes from this period, honest circulation is not a problem; what really penalizes the value is repair work.
The other banknotes in this issue
- 1878 50 pesetas banknote — Calderón de la Barca
- 1878 100 pesetas banknote — Garcilaso de la Vega
- 1878 250 pesetas banknote — Fernando de Herrera
- 1878 1000 pesetas banknote — Cervantes
Other Bank of Spain 500 pesetas banknotes
If you are not quite sure which one is yours, compare it with these: they are all 500 pesetas but from different issues.
- 1874 500 pesetas banknote — Goya
- 1875 500 pesetas banknote — feminine allegories
- 1876 500 pesetas banknote — Lope de Vega
- 1880 500 pesetas banknote — Claudio Coello
- 1884 500 pesetas banknote (January issue) — Mendizábal
- 1884 500 pesetas banknote (July issue) — Floridablanca
- 1886 500 pesetas banknote — Goya
- 1903 500 pesetas banknote — Mercury
- 1907 500 pesetas banknote (January issue) — "the medallion"
- 1907 500 pesetas banknote (July issue) — the Alcázar of Segovia
- 1927 500 pesetas banknote — Isabella the Catholic
- 1928 500 pesetas banknote — Cardinal Cisneros
- 1931 500 pesetas banknote — Juan Sebastián Elcano
- 1935 500 pesetas banknote — Hernán Cortés
- 1936 500 pesetas banknote (Burgos) — Salamanca Cathedral
- 1938 500 pesetas banknote (Burgos) — Santiago Cathedral
- 1940 500 pesetas banknote (January issue) — Juan de Austria
- 1940 500 pesetas banknote (October issue) — The Burial of the Count of Orgaz
- 1946 500 pesetas banknote — Francisco de Vitoria
- 1951 500 pesetas banknote — Mariano Benlliure
- 1971 500 pesetas banknote — Jacinto Verdaguer
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'll tell you today what you have.
WhatsApp +34 644 54 98 79