1886 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 the date October 1, 1886, this is what you have: the banknote cataloged as Pick-37.
It is part of the October 1, 1886 issue, dedicated entirely to Francisco de Goya: five banknotes, from 25 to 1000 pesetas, featuring the painter on the obverse.
Here you will find who or what appears on it, how to distinguish it from those that look similar, how to check if yours is an original, and what to do if you want to sell it. You won't find prices here: I explain why below.
Francisco de Goya: who is the face on this banknote
Francisco de Goya y Lucientes (Fuendetodos, Zaragoza, 1746 - Bordeaux, 1828), court painter to Charles IV and one of the great masters of Spanish painting. He also had a direct relationship with the issuing bank: he painted the directors of the Banco Nacional de San Carlos, the predecessor of the Banco de España, and those paintings remain in the Bank's collection today.
On the obverse, next to the portrait of Goya, there appears an allegorical woman seated with a vase, a cherub, and an industrial landscape with factories. On the reverse, in blue, two allegorical figures: a woman seated with a wheel and a man with a mallet, anvil, and tools. It is a banknote dedicated to both art and industry.
Banknote specification sheet
| Face value | 500 pesetas |
|---|---|
| Banknote date | October 1, 1886 |
| Pick catalog | P-37 |
| Print run | 500,000 copies |
| Dimensions | 146 × 100 mm |
| Issued | July 1898 |
| Watermark | "Banco de España", head looking to the right, and "500" |
| Signatures | Salvador Albacete, Julián Llorente and Fernando Pérez Casariego |
| Obverse | Portrait of Goya, allegorical woman with vase, cherub and landscape with factories |
| Reverse | Woman seated with wheel and man with mallet, anvil and tools, in blue |
How to know if yours is original
It is best to know this first and foremost, because there are many more reproductions than originals of Spanish banknotes from this period in circulation: collector's prints from the seventies and eighties, catalog facsimiles, and press reprints.
It is an intaglio-engraved banknote, a technique that leaves specific marks that a modern reproduction does not have:
- Relief to the touch. Run your fingertip over the design, 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-power magnifying glass, the original engraving is resolved into fine, continuous lines. If you see a grid of dots, it is a modern print.
- Watermark within the pulp. Held up to the light, the watermark should appear formed within the paper, not printed on top.
- Banknote paper, not photocopier paper. The original is a resistant, substantial paper that makes a sound when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Measure it. This banknote measures 146 × 100 mm. Photographic copies almost always lose two or three millimeters, so a ruler settles many doubts in ten seconds.
- Check the exact design. On the obverse — the portrait of Goya, a woman with a vase, and a landscape with factories. On the reverse — a woman with a wheel and a man with an anvil.
- Look at the watermark. Held up to the light, you should see the words "Banco de España," a head looking to the right, and the number "500" formed within the paper.
- Look at the date and the circulation date. Although it is dated 1886, it was not put into circulation until July 1898. This is not unusual for that period: years could pass between the printed date and the release into the public.
- Keep the print run in mind. 500,000 copies were printed, a short run for a banknote that is now more than 130 years old.
I will confirm it for you 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, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
What makes it worth more or less
Condition is everything. It is a high-value, short-run banknote, so every detail counts: margins, tears, and, above all, the absence of repairs.
I do not publish price ranges, and I explain why: the value depends entirely on the specific specimen, and that cannot be 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 tape anything, 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 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 the shipping, and I transfer the payment the same day I receive and verify the piece; if it does not match the photos, I will return it at my own shipping cost.
I am Fran, from Iberoamericana Banknotes, a PMG authorized dealer. I can also value it just for insurance or inheritance purposes, without buying anything, and I can manage the PMG grading or consignment for you.
You don't need to live nearby: I buy throughout Spain using this same system. And if you are from Asturias, I can come to your home without charging for the visit, or we can see it at my shop in Gijon, at Calle Cabrales 77, by appointment.
Frequently asked questions
Who is on the 1886 500 peseta banknote?
Francisco de Goya. On the obverse, his portrait appears next to an allegorical woman and a landscape with factories; on the reverse, a woman with a wheel and a man with an anvil.
How many were printed?
500,000 copies were printed, a short run for a banknote that is now more than 130 years old.
How do I know if mine is an original or a reproduction?
The fastest way: look at the design with a magnifying glass (continuous engraved line in an original, halftone dot pattern 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 1886 500 peseta banknote worth?
It depends entirely on the specimen: condition, margins, and any repairs move the price drastically. I don't give figures blindly because they wouldn't 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, provided it is original and has not been restored. For banknotes of this era, honest circulation is not a problem; what really penalizes the value is repairs.
The other banknotes of this issue
- 25 peseta banknote from 1886 — Goya
- 50 peseta banknote from 1886 — Goya
- 100 peseta banknote from 1886 — Goya
- 1000 peseta banknote from 1886 — Goya
Other 500 peseta banknotes from the Banco de España
If you aren't sure which one you have, compare it with 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 1878 — Pablo de Céspedes
- 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 1903 — Mercury
- 500 peseta banknote from 1907 (January issue) — "The Medallion"
- 500 peseta banknote from 1907 (July issue) — Alcázar of Segovia
- 500 peseta banknote from 1927 — Isabella I of Castile
- 500 peseta banknote from 1928 — Cardinal Cisneros
- 500 peseta banknote from 1931 — Juan Sebastián Elcano
- 500 peseta banknote from 1935 — Hernán Cortés
- 500 peseta banknote from 1936 (Burgos) — Salamanca Cathedral
- 500 peseta banknote from 1938 (Burgos) — Santiago Cathedral
- 500 peseta banknote from 1940 (January issue) — John of Austria
- 500 peseta banknote from 1940 (October issue) — The Burial of the Count of Orgaz
- 500 peseta banknote from 1946 — Francisco de Vitoria
- 500 peseta banknote from 1951 — Mariano Benlliure
- 500 peseta banknote from 1971 — Jacinto Verdaguer
General guide: selling old Banco de España banknotes. And if more pesetas have turned up 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'll tell you today what you have.
WhatsApp +34 644 54 98 79