1907 500-peseta banknote (July issue, Alcázar de Segovia): what it is and what to do if you have one

Anverso del billete de 500 pesetas del Banco de España del 15 de julio de 1907, el Alcázar de Segovia

If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 500 PESETAS, and the date July 15, 1907, this is what you have: the banknote cataloged as Pick-65.

Obverse of the 500 pesetas banknote from the Bank of Spain dated July 15, 1907, featuring the Alcázar of Segovia Reverse of the 500 pesetas banknote from the Bank of Spain dated July 15, 1907
Obverse and reverse of the 500 pesetas banknote from July 15, 1907. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is part of the July 15, 1907 issue, the second series of allegories printed in London by Bradbury Wilkinson. Each banknote features a Spanish monument on the reverse, and the curious thing is that the Bank kept it in reserve for years: several of these banknotes were not put into circulation until the 1920s.

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

What this banknote represents

The obverse shows an allegorical woman standing, the head of Athena with a helmet, and three winged cherubs reading, painting, and playing the lyre: the letters and the arts. On the reverse, a view of the Alcázar of Segovia inside an oval.

It is the 500 pesetas banknote from the July 15, 1907 issue, and it should not be confused with the 500 pesetas banknote from January of the same year, the one with the medallion.

Banknote fact sheet

Face value 500 pesetas
Date of the banknote July 15, 1907
Pick Catalog P-65
Printer Bradbury Wilkinson & Co., London
Print run 1,000,000 copies
Signatures José Sánchez Guerra, Emilio Rodero and Luis Clemente Fabiani
Obverse Allegorical woman standing, head of Athena with a helmet, and three cherubs reading, painting, and playing the lyre
Reverse View of the Alcázar of Segovia in a central oval

How to know if yours is original

It is worth knowing this first of all, 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.

This banknote was printed in London by the Bradbury Wilkinson firm, one of the world's great banknote printers, using intaglio (steel engraving) technique. This leaves specific marks that a modern reproduction does not have:

  • Relief to the touch. Run your fingertip over the drawing, the figures, and the letters of the title: on an original, you can feel the raised ink. A facsimile printed in offset is completely flat.
  • Engraved line, not screen. With a ten-power magnifying glass, the original engraving is resolved into thin, continuous lines. If you see a grid of dots, it is a modern print.
  • Watermark in the paper. Held up to the light, the watermark should appear as part of the paper, not printed on top of it.
  • Banknote paper, not photocopier paper. The original is durable, substantial paper that makes a sound when shaken. Modern coated paper is smooth and cold.

Specific checks for this banknote

  • Check the exact motif. On the obverse — an allegorical woman, the head of Athena, and three cherubs. On the reverse — the Alcázar of Segovia.
  • Look at the upper right corner of the obverse. Some copies have a dry stamp (in relief, without ink): this is the revalidation carried out by the Second Republic in 1931 so that they could continue to circulate. It can be felt when running your finger over it and is sometimes visible to the naked eye. It is not a defect: with and without the stamp are two different catalog variants (the "a" and "b" of the Pick).
  • Look at the full date. There are two 500 pesetas banknotes from 1907: this one, from July 15, with the Alcázar of Segovia, and the one from January 28, with the medallion and the coat of arms. They are different banknotes.
  • Keep the print run in mind. 1,000,000 copies were printed, the shortest print run of this issue.

I will confirm it for you for free. If it turns out to be a reproduction, I will tell you the same: 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

Condition is king. It is a high-value banknote for its time with a short print run, so a clean specimen without repairs is clearly distinguishable from one that has been heavily used. The variant with or without the dry stamp also counts.

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 evaluate your banknote, not "one like yours".

And before showing it to anyone: do not iron it, do not wash it, do not stick anything with 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 numbering, and one held up to the light — and I will reply within 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 funds the same day I receive and verify the item; if it does not match the photos, I will return it and pay for the return shipping myself.

I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I also evaluate them just for insurance or inheritance purposes, without selling anything, and I can manage the grading process through PMG or consignment.

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

Frequently Asked Questions

What appears on the 1907 500 pesetas banknote featuring the Alcázar of Segovia?
On the obverse, an allegorical woman, the head of Athena with a helmet, and three cherubs. On the reverse, the Alcázar of Segovia.

How many were printed?
1,000,000 copies were printed, the shortest print run of this issue.

How do I know if mine is original or a reproduction?
The fastest way: look at the drawing with a magnifying glass (continuous engraved line on an original, dot screen on 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 1907 500 pesetas banknote worth?
It depends entirely on the specimen: the condition, the margins, and any repairs move the price drastically. I do not give out figures blindly because it 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, as long as it is original and has not been restored. With banknotes from this era, honest circulation is not a problem; what really penalizes it is repair.

Are there two 500 pesetas banknotes from 1907?
Yes. The one from January 28, 1907, known as "the medallion," and this one from July 15, 1907, with the Alcázar of Segovia on the reverse. Look at the full date to know which one you have.

The other banknotes from this issue

Other 500 pesetas banknotes from the Bank of Spain

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

General guide: selling old Bank of Spain banknotes. And if more pesetas have appeared 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 will tell you today what you have.
WhatsApp +34 644 54 98 79

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Además de comprártelo, puedo venderlo por ti en consignación. Es la forma de sacar más dinero por tu colección: la ofrezco a los compradores que más pagan por cada pieza, porque llevo diez años construyendo una base de datos de compradores segmentada y sé a quién ofrecer cada billete o moneda.

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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