1935 500 peseta banknote (Hernán Cortés): what it is and if yours is worth anything
If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, QUINIENTAS PESETAS, and the date January 7, 1935, this is what you have: the banknote cataloged as Pick-89, the Hernán Cortés one.
It is the 500 pesetas banknote from the Second Republic dated 1935, the last of this denomination before the war. It was printed in London by the firm Thomas de la Rue, as can be read at the bottom of the obverse, and about 2,045,000 copies were manufactured. It shares the same era as the 50 pesetas Ramón y Cajal banknote.
Here you will find who or what appears on it, how to distinguish it from similar ones, how to verify if yours is original, and what to do if you want to sell it. You will not find prices: I explain why below.
Hernán Cortés: who is the face on this banknote
Hernán Cortés (Medellín, 1485 - Castilleja de la Cuesta, 1547), the conquistador who ended the Aztec Empire. On the obverse, he appears on the left, with a cap and beard, according to the portrait captured by the Italian humanist Paulo Giovio. At the bottom right, you can see Cortés's palace in Cuernavaca (Mexico), one of the oldest civil buildings in the Americas.
On the reverse is a scene of Cortés and his men next to the ships, in memory of the famous 1519 episode where he ordered his ships to be scuttled in Veracruz so that no one could turn back. On the right, the shield of the Republic.
Banknote Fact Sheet
| Face value | 500 pesetas |
|---|---|
| Date of issue | Madrid, January 7, 1935 |
| Pick Catalog | P-89 |
| Printer | Thomas de la Rue & Co., London |
| Series | No series |
| Print run | About 2,045,000 copies |
| Signatures | Alfredo de Zavala y Lafora, Adolfo Castaño Orejón and Joaquín Serrano Montero |
| Obverse | Hernán Cortés and his palace in Cuernavaca |
| Reverse | Cortés and his men next to the ships, and the Republic's shield |
How to know if yours is original
Like all large banknotes of the era, it has been reproduced in prints and facsimiles. The original is intaglio-engraved by Thomas de la Rue, and you can tell:
- Relief to the touch. Run your fingertip over the portrait and the letters "QUINIENTAS PESETAS": on an original intaglio-engraved note, you can feel the raised ink. A printed copy is completely flat.
- Engraved lines, not screen dots. With a ten-power magnifying glass, the portrait is resolved into fine, continuous lines. If you see a grid of colored dots, it is modern printing.
- Watermark within the paper. Held up to the light, in the unprinted white area, a head should appear formed inside the paper, with soft shadows, not drawn on top.
- Banknote paper, not photocopy paper. The original is a durable, substantive paper that crinkles when shaken. Modern coated paper is smooth, glossy, and cold.
Specific checks for this banknote
- Look for the printer's credit. Under the frame on the obverse, in tiny print: "Thomas de la Rue & Coy. Ltd., London, England".
- Look at the white area on the reverse. At the top left of the reverse is an unprinted box: when held up to the light, the watermark should appear there, formed inside the paper.
- Check the numbering. Seven digits with no series letter, once on the obverse and four times on the reverse. All identical.
- Read the date. It should say "Madrid 7 de Enero de 1935", at the bottom right of the obverse, over the palace.
I will confirm it for free. If it turns out to be a reproduction, I will tell you regardless: I gain nothing by letting you believe otherwise.
Original or facsimile? I'll tell you today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
Is your banknote worth anything?
This banknote is at an intermediate point: there aren't tons of them like the small post-war notes, but it is not a rarity either. A heavily used copy with tears, stains, or adhesive tape has little interest. A well-preserved one, with firm paper and few folds, can have value, and an uncirculated one, significantly more.
To know if it is truly perfect, examine it with tangential light: turn off the ceiling light, place a lamp or light from a window to the side, almost grazing the banknote, and tilt it slowly. This reveals creases, marks from having been folded, and pressed areas that are not visible head-on. A banknote that looks new to the naked eye often has a center fold.
I do not publish price ranges, and I explain why: the value depends entirely on the specific copy, and that does not fit in a table. A generic internet figure only leads to 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, and do not put it in soft PVC. Those four things are irreversible. I explain this in detail in my guide to selling old banknotes.
How I buy from you
If yours is well preserved, the process is simple.
You send me photos via WhatsApp —obverse, reverse, a close-up 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 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 can also appraise it just for insurance or inheritance purposes without buying it, 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 meet at my shop in Gijón, on Calle Cabrales 77, by appointment.
Frequently Asked Questions
Who is on the 500 pesetas 1935 banknote?
Hernán Cortés, the conqueror of Mexico, according to the portrait by Paulo Giovio. At the bottom appears his palace in Cuernavaca, Mexico. On the reverse, a scene of Cortés and his men next to the ships he ordered to be scuttled in 1519.
How many were printed?
A little over two million copies, with no series letter.
Can I exchange it at the Banco de España?
No. Pesetas could no longer be exchanged as of 2021, and this banknote had already lost its legal tender status long before that. Today, it only has collectible value.
How do I know if mine is an original or a reproduction?
The quickest way: look at the design with a magnifying glass (engraved continuous lines for an original, a grid of dots for 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 pesetas 1935 banknote worth?
It depends primarily on the condition. It is not one of the banknotes found in piles, but it is not a rarity either: heavily used ones are of little interest, while well-preserved ones are much more valuable. That is why I do not give general figures: send me photos and I will appraise yours.
Will you buy it even if it has folds?
It depends on the condition. If it is complete, without large tears or adhesive tape, send me photos and I will tell you if it works for me. Unfolded copies are the ones of most interest.
Other Republican banknotes from the same era
If you have other Second Republic banknotes from the mid-thirties in the same envelope, here are the ones already explained:
Other 500 pesetas banknotes from the Banco de España
If you are not sure which one is yours, compare it with these: they are all 500 pesetas but from different issues.
- 500 pesetas banknote 1874 — Goya
- 500 pesetas banknote 1875 — female allegories
- 500 pesetas banknote 1876 — Lope de Vega
- 500 pesetas banknote 1878 — Pablo de Céspedes
- 500 pesetas banknote 1880 — Claudio Coello
- 500 pesetas banknote 1884 (January issue) — Mendizábal
- 500 pesetas banknote 1884 (July issue) — Floridablanca
- 500 pesetas banknote 1886 — Goya
- 500 pesetas banknote 1903 — Mercury
- 500 pesetas banknote 1907 (January issue) — "the medallion"
- 500 pesetas banknote 1907 (July issue) — the Alcázar of Segovia
- 500 pesetas banknote 1927 — Isabella the Catholic
- 500 pesetas banknote 1928 — Cardinal Cisneros
- 500 pesetas banknote 1931 — Juan Sebastián Elcano
- 500 pesetas banknote 1936 (Burgos) — the Cathedral of Salamanca
- 500 pesetas banknote 1938 (Burgos) — the Cathedral of Santiago
- 500 pesetas banknote 1940 (January issue) — Juan de Austria
- 500 pesetas banknote 1940 (October issue) — The Burial of the Count of Orgaz
- 500 pesetas banknote 1946 — Francisco de Vitoria
- 500 pesetas banknote 1951 — Mariano Benlliure
- 500 pesetas banknote 1971 — Jacinto Verdaguer
General guide: selling old Banco de España 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 one of the reverse and I'll tell you today what you have.
WhatsApp +34 644 54 98 79