1936 500-peseta banknote (Burgos): what it is and whether yours is worth anything

If you have a banknote in front of you that reads EL BANCO DE ESPAÑA, QUINIENTAS PESETAS, and the date Burgos, 21 de noviembre de 1936, this is what you have: the banknote cataloged as Pick-102 (Edifil 422).

Obverse of the 500-peseta banknote of the Banco de España dated November 21, 1936, with a large '500' in the center Reverse of the 500-peseta banknote of the Banco de España dated November 21, 1936
Obverse and reverse of the 500-peseta banknote dated November 21, 1936. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is part of the major issuance by the Banco de España of Burgos on November 21, 1936, the first complete series of banknotes from the Nationalist zone, which was commissioned from the German firm Giesecke & Devrient, of Leipzig. This 500-peseta note was put into circulation on April 15, 1937.

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

What appears on this banknote

There is no portrait on the obverse: a large "500" inside a rosette on the left, "El Banco de España pagará al portador quinientas pesetas" (The Bank of Spain will pay the bearer five hundred pesetas), the date "Burgos, 21 de noviembre de 1936," and the signatures. On the right, there is a clear area with another "500" for the watermark.

On the reverse, in blue, is a view of Salamanca with the cathedral dominating the city and the Roman bridge over the Tormes River in the foreground. At the beginning of the war, Salamanca was the headquarters of Franco's command.

During the Civil War, there were two Banks of Spain: the one in Madrid, with the Republic, and the one the Nationalists set up in Burgos. Since the plates and the banknote reserves were in Madrid, the Bank of Burgos had to commission new banknotes from printers outside its control: Spanish lithographers like the one in Zaragoza and foreign firms like the German Giesecke & Devrient. When the war ended, these Burgos banknotes were the ones that remained valid; those of the Republic put into circulation after July 18, 1936, were annulled.

Banknote Profile

Face value 500 pesetas
Banknote date Burgos, November 21, 1936
Pick catalog P-102
Edifil 422 (series A), 422a (series B), 422b (series C)
Printer Giesecke & Devrient, Leipzig (Germany)
Dimensions 170 × 94 mm
Series A, B, and C
Print run of series A 2,330,000 copies
Put into circulation April 15, 1937
Signatures Ramón Artigas Gracia, Antonio García Victoria, and Juan Villarroya Masfarner
Obverse Large "500" in a rosette
Reverse Cathedral of Salamanca and Roman bridge over the Tormes

How to know if yours is original

It is a scarce banknote and has been reproduced. It was printed in Germany by Giesecke & Devrient combining typography and lithography, so do not expect the relief found on pre-war engraved banknotes:

  • No relief: this is normal. These notes were lithographed, not recess-engraved, so an original feels smooth to the touch. Do not rule it out for that reason.
  • Line pattern, not dot pattern. With a ten-power magnifying glass, the backgrounds of an original are made of fine lines and continuous geometric designs. A photocopy or inkjet print turns them into a cloud of color dots.
  • Banknote paper. An original is made of thin but firm paper with substance. A reproduction on office paper is whiter, smoother, and folds differently.
  • Separately stamped serial numbers. The serial numbers were stamped separately with metal type; under a magnifying glass, you can see that the ink of the number "sits" on the paper with sharp edges.

Specific checks for this banknote

  • Check the numbering. In red, twice on the obverse, with the series letter in front (e.g., "B218336"). Both numbers must match.
  • Look at the clear area on the right. Against the light, next to the "500" on the right, the watermark formed inside the paper should be visible.
  • Look for the printer's imprint. At the bottom of the banknote, in tiny letters, the name Giesecke & Devrient, Leipzig should appear. With a magnifying glass, it must be clearly legible.
  • Do not confuse it with the 1938 issue. The 500-peseta Burgos banknote from 1938 features the Cathedral of Santiago de Compostela on the reverse.

I will verify it for you 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 will tell you today, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com

Is your banknote worth anything? This is where there might be a surprise

This is not a common banknote. In 1937, five hundred pesetas was a lot of money, the print run was short, and few have survived. Therefore, even a circulated specimen can be of interest, as long as it is complete and without serious damage. Series B and C are seen even less than series A.

Even so, the condition changes everything. Look at it under tangential light: turn off the ceiling light, place a lamp to the side, almost grazing the note, and slowly tilt it. This way you will see the folds, the center creases, and the ironed-out areas that are not visible from the front. Tell me about it or, better yet, send me a photo like that.

I do not publish price ranges, and here is why: the value depends entirely on the specific specimen, and that does not 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 use Scotch tape on it, 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

If you have one, even if it is not perfect, it is worth showing it to me.

Send me photos via WhatsApp—obverse, reverse, a close-up of the numbering, and one against 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 will transfer the money on the same day I receive and verify the item; if it does not match the photos, I will return it to you at my expense.

I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also value it for insurance or inheritance purposes, without you selling anything, and I can manage the PMG grading or consignment for you.

You do not need to live nearby: I buy throughout Spain using this same system. And if you are in Asturias, I can come to your home without charging for the visit, or we can see it at my store in Gijón, on Calle Cabrales 77, by appointment.

Frequently Asked Questions

What is featured on the 500-peseta banknote of 1936?
The obverse does not carry a portrait: a large "500" inside a rosette and the date of Burgos, November 21, 1936. On the reverse, the Cathedral of Salamanca appears over the Roman bridge of the Tormes River.

Is it from the Republic or Franco?
From the Banco de España of Burgos, that of the Nationalist zone. It was put into circulation on April 15, 1937.

What series are there?
Series A, B, and C. Series A is the most common; the others are much less so.

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 collector's value.

How much is the 500-peseta banknote of 1936 worth?
It depends primarily on the condition. It is not a common note, so even one that has been circulated can be of interest, but the difference between a worn specimen and one well-preserved is enormous. That is why I do not provide general figures: send me photos and I will value yours.

Do you buy it even if it has creases?
Yes, in this case, I might be interested, provided it is complete and without large tears, tape, or missing parts. Send me photos of the obverse and reverse and I will tell you if it is a good fit and how much I offer.

The other banknotes from this issuance

With the same date of November 21, 1936, the Bank of Burgos also issued these banknotes. If you have any, send me photos just as you would with this one:

Other 500-peseta banknotes from the Banco de España

If you are not sure which one yours is, compare it with these: they are all 500-peseta notes but from different issuances.

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 another of the reverse and I will tell you today what you have.
WhatsApp +34 644 54 98 79

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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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