1884 500-peseta banknote (January issue): what it is and what to do if you have one

Anverso del billete de 500 pesetas del Banco de España del 1 de enero de 1884, Mendizábal

If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 500 PESETAS, and the date January 1, 1884, this is what you have: the banknote cataloged as Pick-27 and Edifil 285.

Obverse of the 500 peseta banknote from the Bank of Spain dated January 1, 1884, Mendizábal Reverse of the 500 peseta banknote from the Bank of Spain dated January 1, 1884
Obverse and reverse of the 500 peseta banknote dated January 1, 1884. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is part of the January 1, 1884 issue: the Mendizábal issue, four of whose five banknotes bear the portrait of the minister responsible for the ecclesiastical confiscations (desamortización).

Here you will find out who or what appears on it, how to distinguish it from similar-looking ones, how to check if yours is an original, and what to do if you want to sell it. You will not find prices: I explain why below.

Juan Álvarez de Mendizábal: who is the face on this banknote?

Juan Álvarez de Mendizábal (Cádiz, 1790 - Madrid, 1853) was the Minister of Finance and President of the Council of Ministers, and his name is linked to the 1836 desamortización: the expropriation and sale at public auction of the assets of religious orders, through which he intended to settle the State's debt and finance the Carlist War.

He is one of the most debated figures of the Spanish 19th century, and the Bank of Spain dedicated four of the five banknotes of the January 1884 issue to him. It was not a neutral decision: almost fifty years later, the issuing bank was reclaiming a specific idea of liberal finance.

It is worth stating clearly because false information circulates: this issue is from the reign of Alfonso XII, not Alfonso XIII, and it does not contain any "child king" or any childhood portrait.

Banknote fact sheet

Face value 500 pesetas
Date of the banknote January 1, 1884
Pick Catalog P-27
Edifil Catalog 285
Printer American Bank Note Company, New York
Print run 150,000 copies
Dimensions 144 × 95 mm
Issued November 14, 1893
Obverse Full-length Justice with sword and scales on the left, a cherub in the center, and the bust of Mendizábal facing forward on the right
Reverse Brown printing with the crowned coat of arms of Spain between two columns
Signatures Juan Francisco Camacho de Alcorta, Benito Fariña Cisneros and Fernando Pérez Casariego

How to know if yours is original

It is worth knowing this first and foremost, because far more reproductions than originals of Spanish banknotes from this period are in circulation: collector's sheets from the seventies and eighties, catalog facsimiles, and press reprints.

This banknote was engraved by the American Bank Note Company, the New York firm that printed a large part of the world's paper money at that time. Its work is the easiest to distinguish in the entire series because its quality is far superior:

  • Engraving in very fine-line steel. With a magnifying glass, the lines of the portrait are sharp and continuous, never a dot pattern.
  • Guilloche backgrounds with continuous lines, generated by a geometric lathe. These are practically impossible to reproduce well in a photographic copy: in a facsimile, they appear blurred or with moiré patterns.
  • Imprint of the American Bank Note Company, usually on the bottom edge. Photograph it: it is one of the first things I look at.
  • Intaglio relief perceptible to the touch on the portrait, numbers, and letters.

Specific checks for this banknote

  • Measure it. This banknote measures 144 × 95 mm. Photographic copies almost always lose two or three millimeters, so a ruler resolves many doubts in ten seconds.
  • Check the exact motif. On the obverse — full-length Justice with sword and scales on the left, a cherub in the center, and the bust of Mendizábal facing forward on the right. On the reverse — brown printing with the crowned coat of arms of Spain between two columns.
  • Look at the three signatures. On this banknote, they correspond to Juan Francisco Camacho de Alcorta, Benito Fariña Cisneros, and Fernando Pérez Casariego. A signature that does not fit points to another issue or a reproduction.
  • Keep the print run in mind. 150,000 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 anyway: I gain nothing by making you believe otherwise.

Original or facsimile? I'll let you know today, with no obligation
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 key, followed closely by repairs: a washed, ironed specimen, one with taped tears, or with trimmed margins loses significant 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 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 them from you

You send me photos via WhatsApp—obverse, reverse, a detail of the serial number, 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 the shipping, and I transfer the money the same day I receive and verify the piece; if it does not match the photos, I return it and pay for the return shipping.

I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also appraise it just for insurance or inheritance purposes, without selling anything, and I can manage the grading by PMG or consignment for you.

It doesn't matter where you live: I buy throughout Spain and the process is the same. If you are in Asturias, I can also go to see it at your home at no cost, or we can look at it calmly in my shop in Gijón, at Calle Cabrales 77, by appointment.

Frequently asked questions

Who is on the 500 peseta banknote of 1884?
Juan Álvarez de Mendizábal. On the obverse — full-length Justice with sword and scales on the left, a cherub in the center, and the bust of Mendizábal facing forward on the right.

How many were printed?
The print run was 150,000 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 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 will tell you for free, even if it turns out to be a facsimile.

How much is the 500 peseta banknote of 1884 worth?
It depends entirely on the specimen: the condition, the margins, and any repairs move the price drastically. I do not give out blind figures 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 it is any repair.

The other banknotes from this issue

Other 500 peseta banknotes from the Bank of Spain

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

General guide: selling old Bank of Spain banknotes. If you have more pesetas stored at home, see 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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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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