1903 500-peseta banknote: what it is and what to do if you have one
If you are holding a banknote that reads EL BANCO DE ESPAÑA, 500 PESETAS, and the date October 1, 1903, this is what you have: the banknote cataloged as Pick-54.
It is part of the 1902-1903 issue: three banknotes engraved by Bartolomé Maura, the great engraver of the era, and still manufactured in Madrid, at the Banco de España's own workshop, a few years before the Bank returned to commissioning its banknotes from England.
Here you will find who or what appears on it, how to distinguish it from similar 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.
Mercury: what this banknote represents
It does not feature a portrait of any person. The obverse shows Mercury, the god of commerce, with a winged helmet, standing on a globe and holding a caduceus. The reverse features two allegorical female figures: one harvesting wheat and the other weaving. All of it was engraved by Bartolomé Maura.
It is considered one of the rarest banknotes of the entire 20th century in Spain. Therefore, if you have one with this date, it is worth having someone look at it before doing anything with it.
Banknote fact sheet
| Face value | 500 pesetas |
|---|---|
| Banknote date | October 1, 1903 |
| Pick catalog | P-54 |
| Printer | Banco de España workshop, Madrid |
| Engraver | Bartolomé Maura |
| Dimensions | 150 × 111 mm |
| Put into circulation | April 1906 |
| Signatures | José Sánchez Guerra, Emilio Rodero, and Luis Clemente Fabiani |
| Obverse | Mercury with winged helmet on a globe, with a caduceus |
| Reverse | Two allegorical female figures, one harvesting wheat and the other weaving |
How to know if yours is original
It is best to know this first and foremost, because far more reproductions than originals of Spanish banknotes from this era are in circulation: collector's prints 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 intaglio technique on quality paper. This leaves specific marks that a modern reproduction does not have:
- Raised ink feel. Run your fingertip over the design, the numbers, and the title letters: on an original, you can feel the raised texture of the ink. An offset-printed facsimile is completely flat.
- Engraved line, not a dot matrix. With a 10x magnifying glass, the original engraving resolves into fine, continuous lines. If you see a grid of dots, it is a modern print.
- Watermark within the pulp. When held up to the light, the watermark should appear as if formed within the paper, not printed on top.
- Banknote paper, not photocopier paper. The original is a durable paper with body that makes a sound when you shake it. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Measure it. This banknote measures 150 × 111 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 — Mercury with a winged helmet on a globe. On the reverse — two allegorical women, one harvesting wheat and the other weaving.
- Because it is so rare, it has been copied a lot. Prints and facsimiles of this banknote circulate precisely because almost no one has the original. If yours is authentic, you will notice it in the relief and the paper.
- Do not confuse it with the 1907 one. The 1907 500 peseta banknotes (the "medallion" and the "Alcázar of Segovia" ones) are different. Here the date is October 1, 1903.
I will confirm it for free. If it turns out to be a reproduction, I will tell you just the same: I gain nothing by making you believe otherwise.
Original or facsimile? I can tell you today, with no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
What makes it worth more or less
With a banknote of this rarity, every detail counts: the preservation, the margins, and, above all, that it has no repairs. A specimen that has been washed or has taped tears loses a lot of value, even if it remains a sought-after piece.
I do not publish price ranges, and I will explain why: the value depends entirely on the specific specimen, and that cannot 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 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 antique banknotes.
How I buy them
You send me photos via WhatsApp—obverse, reverse, a detail of the serial number, and one backlit—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 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 postage.
I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also value it for you solely for insurance or inheritance purposes, without selling anything, and I can manage your PMG grading or consignment.
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 Gijón, at 77 Calle Cabrales, by appointment.
Frequently asked questions
What appears on the 1903 500 peseta banknote?
It does not feature any historical figure. The obverse shows Mercury with a winged helmet on a globe; on the reverse, two allegorical women harvesting wheat and weaving.
How do I know if mine is an original or a reproduction?
The quickest way: look at the design with a magnifying glass (continuous engraved line on an original, dot matrix on 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 1903 500 peseta 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 will 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 an original and has not been restored. In banknotes of this era, honest circulation is not a problem; what truly penalizes value is repair.
Is it true that it is one of the rarest banknotes?
Yes, it is considered one of the rarest banknotes of the 20th century in Spain. Precisely for that reason, it is necessary to verify that it is not a reproduction; I will check it for you for free.
The other banknotes in this issue
Other Banco de España 500 peseta banknotes
If you aren't 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 — the female allegories
- 1876 500 pesetas banknote — Lope de Vega
- 1878 500 pesetas banknote — Pablo de Céspedes
- 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
- 1907 500 pesetas banknote (January issue) — "the medallion"
- 1907 500 pesetas banknote (July issue) — the Alcázar of Segovia
- 1927 500 pesetas banknote — Isabel la Católica
- 1928 500 pesetas banknote — Cardinal Cisneros
- 1931 500 pesetas banknote — Juan Sebastián Elcano
- 1935 500 pesetas banknote — Hernán Cortés
- 1936 500 pesetas banknote (Burgos) — the cathedral of Salamanca
- 1938 500 pesetas banknote (Burgos) — the cathedral of Santiago
- 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 antique Banco de España banknotes. If you have more pesetas kept 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