1938 500-peseta banknote (Burgos): what it is and if yours is worth anything

If you have before you a banknote that reads EL BANCO DE ESPAÑA, QUINIENTAS PESETAS, and the date Burgos, 20 de mayo de 1938, this is what you have: the banknote cataloged as Pick-114 (Edifil 433).

Obverse of the 500 peseta banknote of the Banco de España dated May 20, 1938, with the coat of arms of the era Reverse of the 500 peseta banknote of the Banco de España dated May 20, 1938
Obverse and reverse of the 500 peseta banknote of May 20, 1938. Image from the Banknote Mate (Catamates) catalog, used with permission.

This is the 500 peseta banknote from the May 20, 1938 issue of the Banco de España of Burgos, printed in Leipzig by Giesecke & Devrient. It was put into circulation on February 8, 1939, when the war was about to end, and only one series was made, series A, with 3,550,000 copies.

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 original, and what to do if you want to sell it. You won't find prices here: I explain why below.

What appears on this banknote

On the obverse, with no portrait, the text "El Banco de España pagará al portador quinientas pesetas" between two large ornamental rosettes, the date "Burgos, 20 de mayo de 1938", the signatures, and, at the top, the coat of arms of the era with the eagle and the motto "Una, Grande, Libre".

On the reverse, the Obradoiro façade of the Cathedral of Santiago de Compostela, framed between two columns, with two large "500 pesetas" on a yellow background on the sides.

During the Civil War there were two Bancos de España: the one in Madrid, with the Republic, and the one that the rebels set up in Burgos. Since the plates and the banknote reserves were in Madrid, the Banco de Burgos had to commission new banknotes from printing houses outside their control: Spanish lithographers like the one in Zaragoza and foreign houses 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 sheet

Face value 500 pesetas
Banknote date Burgos, May 20, 1938
Pick catalog P-114
Edifil 433 (433A with the "AFRICA" stamp)
Printer Giesecke & Devrient, Leipzig (Germany)
Dimensions 168 × 88 mm
Series Series A only
Mintage 3,550,000 copies
Put into circulation February 8, 1939
Signatures Antonio Goicoechea Cosculluela, Antonio García Victoria and Juan Villarroya Masfarner
Obverse Rosettes, text, and the coat of arms of the era
Reverse Cathedral of Santiago de Compostela

How to know if yours is original

It is a scarce banknote and has been copied; furthermore, one must watch out for the "AFRICA" stamp, which has been forged on authentic banknotes. Since it is printed in typography and lithography, it does not have the relief of engraved banknotes:

  • No relief: this is normal. These banknotes were printed in lithography, not intaglio engraving, so an original is smooth to the touch. Do not rule it out because of that.
  • Line pattern, not dots. With a 10x magnifying glass, the backgrounds of an original are made of fine lines and continuous geometric drawings. A photocopy or inkjet print turns them into a cloud of color dots.
  • Banknote paper. The original is thin but firm, with body. A reproduction on office paper is whiter, smoother, and folds differently.
  • Serial numbering stamped separately. The serial numbers were stamped separately with metallic type: with a magnifying glass, you can see that the ink of the number is "resting" on the paper with sharp edges.

Specific checks for this banknote

  • Check the numbering. In red, twice on the obverse, always with the series A in front (for example, "A3372466"). If it has another letter, be suspicious.
  • If it has "AFRICA", look at it with a magnifying glass. The authentic stamp has a fine pattern and a thick border. If it looks like a rubber stamp, with smeared ink, it is suspicious.
  • Look for the printer's mark. At the bottom of the reverse, in tiny print: Giesecke & Devrient, Leipzig and Berlin.
  • Do not confuse it with the 1936 one. The 1936 Burgos 500 peseta banknote has the Cathedral of Salamanca on the reverse, not Santiago.

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

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

This is not a banknote that exists by the ton. It went into circulation when the war was ending, with a very high value for the time, and few have been preserved. Even a circulated copy may be of interest, provided it is complete, and those with the authentic "AFRICA" stamp are even more sought after.

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 banknote, and slowly tilt it. This way you will see the creases, center folds, and pressed 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 I will explain why: the value depends entirely on the specific copy, 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 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

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 detail of the numbering, and one backlit— 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 transfer the money the same day I receive and verify the item; if it does not match the photos, I will return it to you and pay the return postage myself.

I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also value it just for insurance or inheritance purposes, without selling anything, 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, at Calle Cabrales 77, by appointment.

Frequently asked questions

What is on the 1938 500 peseta banknote?
The obverse has no portrait: the text of the banknote between two large rosettes, with the coat of arms of the era at the top and the date of Burgos, May 20, 1938. The reverse shows the Cathedral of Santiago de Compostela between two columns.

What is the "AFRICA" stamp that some have?
In 1939, "AFRICA" was stamped in red on 1938 issue banknotes to stop smuggling through Tangier. It is a highly sought-after variant, but it has also been forged. If yours has it, send me photos.

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 value long before that. Today it only has collector value.

How much is the 1938 500 peseta banknote worth?
It depends above all on the condition. It is not a banknote that exists in large quantities, so even a circulated one may be of interest, but the difference between a tired copy and a well-preserved one is enormous. That is why I do not give general figures: send me photos and I will value yours.

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

Other 1938 Burgos banknotes

If in the same envelope you have other 1938 Banco de Burgos banknotes, here are the ones that have already been explained:

Other 500 peseta banknotes from the Banco de España

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

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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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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