500-peseta banknote from 1878: what it is and what to do if you have one

If you have a banknote in front of you 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 peseta denomination.

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 original, and what to do if you want to sell it. You will not find prices: 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. Upon returning to Córdoba, he worked for its cathedral and wrote a Poem of Painting which 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 next to the divinity of wisdom and the applied arts, which is exactly the idea that Céspedes defended his entire life—that painting was an intellectual activity, not a manual trade.

Banknote fact sheet

Face value	500 pesetas
Date of banknote	January 1, 1878
Pick Catalog	P-18
Edifil Catalog	275
Printer	Banco de España workshop, Madrid
Mintage	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	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 of all, because far more reproductions circulate than originals of Spanish banknotes from this era: collector's plates from the seventies and eighties, catalog facsimiles, and press reprints.

This banknote was engraved and printed in the Banco de España workshop in Madrid, using an intaglio technique on thread 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: in 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 portrait is resolved into 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 formed within the paper, not printed on top.
• Cotton thread 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 doesn't fit points to a different issue or a reproduction.
• Keep the mintage 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 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 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 with the entire nineteenth-century series, condition is king, followed immediately by repairs: a washed, pressed specimen with taped tears or trimmed margins 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 cannot fit into a table. A generic figure from the internet only serves to lead to disappointment. Send me photos and I will value your banknote, not "one like yours."

And before showing it to anyone: do not press 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 serial number, 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 funds on the same day I receive and verify the piece; if it does not match the photos, I will return it and pay for the return shipping.

I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also value it 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 this. If you are nearby, in any municipality in Asturias I will go to see it at your home 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 1878 500 peseta 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 mintage was 130,000 copies. Beware of a common confusion: a high mintage in the 19th century does not mean 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 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 1878 500 peseta banknote worth?
It depends entirely on the specimen: condition, margins, and any repairs change the price drastically. I do not give blind figures because they would not be honest. With photos, I can tell you what yours is worth in less than 24 hours.

Will you buy it even if it is circulated or has defects?
Yes, as long as it is original and not restored. For banknotes of this era, honest circulation is not a problem; what truly penalizes value is repair.

The other banknotes in this issue

• 50 peseta banknote from 1878 — Calderón de la Barca
• 100 peseta banknote from 1878 — Garcilaso de la Vega
• 250 peseta banknote from 1878 — Fernando de Herrera
• 1000 peseta banknote from 1878 — Cervantes

Other 500 peseta banknotes from the Banco de España

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

• 500 peseta banknote from 1874 — Goya
• 500 peseta banknote from 1875 — female allegories
• 500 peseta banknote from 1876 — Lope de Vega
• 500 peseta banknote from 1880 — Claudio Coello
• 500 peseta banknote from 1884 (January issue) — Mendizábal
• 500 peseta banknote from 1884 (July issue) — Floridablanca
• 500 peseta banknote from 1886 — Goya
• 500 peseta banknote from 1903 — Mercury
• 500 peseta banknote from 1907 (January issue) — "the medallion"
• 500 peseta banknote from 1907 (July issue) — the Alcázar of Segovia
• 500 peseta banknote from 1927 — Isabella the Catholic
• 500 peseta banknote from 1928 — Cardinal Cisneros

General guide: selling old Banco de España 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