1907 500-peseta banknote ("the medallion" issue, January): what it is and what to do if you have one
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If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 500 PESETAS, and is dated January 28, 1907, this is what you have: the banknote cataloged as Pick-60.
It is part of the first series of allegories (1906–1907): the Bank of Spain stopped using portraits of historical figures and once again commissioned its banknotes from the London firm Bradbury Wilkinson, featuring allegorical figures on the obverse and the Spanish coat of arms on the reverse.
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 an original, and what to do if you want to sell it. You will not find prices: I explain why further down.
"The medallion": what this banknote represents
The obverse features two allegorical female figures—usually interpreted as Geography and Agriculture—and, in the center, a medallion with a crowned head in profile. That head is traditionally identified as Croesus, the 6th-century BC king of Lydia whose wealth was proverbial ("rich as Croesus"). On the reverse, the crowned coat of arms of Spain with the Pillars of Hercules.
It has a curious history: the London printer Bradbury Wilkinson printed more banknotes than the Bank put into circulation. The Bank of Spain only recognized those numbered up to 2,000,000 as genuine, and considered those with higher numbering to be counterfeit, even though they came from the same printing house.
Banknote specification
| Face value | 500 pesetas |
|---|---|
| Banknote date | January 28, 1907 |
| Pick catalog | P-60 |
| Printer | Bradbury Wilkinson & Co., London |
| Recognized print run | 2,000,000 copies |
| Dimensions | 140 × 98 mm |
| Put into circulation | June 1909 |
| Signatures | José Sánchez Guerra, Emilio Rodero, and Luis Clemente Fabiani |
| Obverse | Two allegorical female figures and a central medallion with a crowned head in profile |
| Reverse | Crowned coat of arms of Spain with the Pillars of Hercules |
How to tell 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 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 design, the numbers, and the title letters: on an original, you can feel the raised ink. An offset-printed facsimile is completely flat.
- Engraved line, not screening. 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 in the pulp. When held up to the light, the watermark should appear formed within the paper, not printed on top.
- Banknote paper, not photocopy paper. The original is a durable, substantive paper that crinkles when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Measure it. This banknote measures 140 × 98 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: two allegorical women and a central medallion with a crowned head. On the reverse: the coat of arms of Spain with the Pillars of Hercules.
- Look at the serial number. If it exceeds 2,000,000, it is one of the banknotes that the Bank of Spain did not recognize as legal tender, even though they were printed by the same house. This is a very specific case, and you should know this before selling it.
- Keep the print run in mind. The Bank of Spain put 2,000,000 copies into circulation, although the printer manufactured more. Those numbered above 2,000,000 were considered counterfeit.
I will confirm it for free. If it turns out to be a reproduction, I will tell you anyway: I have nothing to gain by making you believe otherwise.
Original or facsimile? I'll tell you today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
What makes it worth more or less
Conservation is key, as always, but for this banknote you must also look at the serial number: being below or above 2,000,000 completely changes what you have. Repairs (washing, pressing, glued tears) significantly reduce its value.
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 cause 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 adhesive 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 from you
Send me photos via WhatsApp—obverse, reverse, a detail of the numbering, 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 the same day I receive and verify the piece; if it does not match the photos, I will return it to you at my own expense.
I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also value it just for insurance or inheritance purposes without buying it, and I can manage the PMG grading or consignment for you.
I buy throughout Spain, wherever you live, and the process is always the same. If you are nearby, in any council in Asturias, I will come to your home to see it at no cost, and you can also bring it to my shop in Gijón, at Calle Cabrales 77, by appointment.
Frequently asked questions
What appears on the 1907 500-peseta "medallion" banknote?
Two allegorical female figures and a central medallion with a crowned head in profile, traditionally identified as King Croesus. On the reverse, the coat of arms of Spain with the Pillars of Hercules.
How many were printed?
The Bank of Spain put 2,000,000 copies into circulation, although the printer manufactured more. Those numbered above 2,000,000 were considered counterfeit.
How do I know if mine is original or a reproduction?
The quickest way: look at the design with a magnifying glass (continuous engraved line for an original, dot screening for 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 1907 500-peseta banknote worth?
It depends entirely on the specimen: condition, margins, and any repairs move 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, 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 repair.
Why does the serial number matter on this banknote?
Because the Bank of Spain only recognized those numbered up to 2,000,000 as legal tender. Those with higher numbering were considered counterfeit, even if they came from the same London printing house.
The other banknotes of this issue
- 25-peseta banknote of 1906 — the seated allegory
- 50-peseta banknote of 1906 — the allegory with the caduceus
- 100-peseta banknote of 1906 — the allegories with the lyre
- 1,000-peseta banknote of 1907 (May issue) — "the angel"
Other 500-peseta banknotes from the Bank of Spain
If you are not sure which one you have, compare it with these: they are all 500 pesetas but from different issues.
- 500-peseta banknote of 1874 — Goya
- 500-peseta banknote of 1875 — the female allegories
- 500-peseta banknote of 1876 — Lope de Vega
- 500-peseta banknote of 1878 — Pablo de Céspedes
- 500-peseta banknote of 1880 — Claudio Coello
- 500-peseta banknote of 1884 (January issue) — Mendizábal
- 500-peseta banknote of 1884 (July issue) — Floridablanca
- 500-peseta banknote of 1886 — Goya
- 500-peseta banknote of 1903 — Mercury
- 500-peseta banknote of 1907 (July issue) — the Alcázar of Segovia
- 500-peseta banknote of 1927 — Isabella the Catholic
- 500-peseta banknote of 1928 — Cardinal Cisneros
- 500-peseta banknote of 1931 — Juan Sebastián Elcano
- 500-peseta banknote of 1935 — Hernán Cortés
- 500-peseta banknote of 1936 (Burgos) — the Cathedral of Salamanca
- 500-peseta banknote of 1938 (Burgos) — the Cathedral of Santiago
- 500-peseta banknote of 1940 (January issue) — John of Austria
- 500-peseta banknote of 1940 (October issue) — The Burial of the Count of Orgaz
- 500-peseta banknote of 1946 — Francisco de Vitoria
- 500-peseta banknote of 1951 — Mariano Benlliure
- 500-peseta banknote of 1971 — Jacinto Verdaguer
General guide: selling antique Bank of Spain 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