1940 500-peseta banknote (Count of Orgaz): 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 October 21, 1940, this is what you have: the banknote cataloged as Pick-124 (Edifil 444), the "Burial of the Count of Orgaz" note.

Obverse of the 500 peseta banknote from the Bank of Spain dated October 21, 1940, with a fragment of The Burial of the Count of Orgaz by El Greco Reverse of the 500 peseta banknote from the Bank of Spain dated October 21, 1940
Obverse and reverse of the 500 peseta banknote dated October 21, 1940. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is the second 500 peseta banknote dated 1940, and it has a curious history: with the Second World War underway, the Bank of Spain could no longer continue commissioning banknotes from Italy or Germany, so this one was commissioned from the Fábrica Nacional de Moneda y Timbre in Madrid. It was one of the first high-value banknotes manufactured in Spain at that time. Although it bears the date 1940, it did not reach the public until February 1947.

Here you have 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: I explain why below.

The Burial of the Count of Orgaz: what appears on this banknote

To the right of the obverse, a fragment of The Burial of the Count of Orgaz (1586-1588), El Greco's most famous work, which still hangs in the church of Santo Tomé in Toledo. The central scene is visible: Saint Augustine, wearing a miter, and Saint Stephen leaning over the armored body of Don Gonzalo Ruiz de Toledo, Lord of Orgaz. On the left, a large decorative motif of medieval inspiration with carved figures.

On the reverse, a view of Toledo dominated by the cathedral tower, with the coat of arms of Spain of that time on the right and a white area for the watermark.

Banknote fact sheet

Face value 500 pesetas
Date of issue Madrid, October 21, 1940
Pick Catalog P-124
Edifil 444
Printer Fábrica Nacional de Moneda y Timbre, Madrid
Dimensions 148 × 95 mm
Series No series
Print run 3,050,000 copies
Released into circulation February 1947
Signatures Antonio Goicoechea Cosculluela, Antonio Victoriano Martín Martín and Juan Villarroya Masfarner
Engravers Camilo Delhom and the brothers José Luis and Alfonso López Sánchez-Toda
Obverse Fragment of The Burial of the Count of Orgaz, by El Greco
Reverse View of Toledo with the cathedral and the coat of arms

How to know if yours is original

Because of the El Greco painting, this banknote has been reproduced quite a bit in prints and facsimile collections. The original is engraved in intaglio by top-tier engravers, and it shows:

  • Relief to the touch. Run your fingertip over the portrait and the letters of "QUINIENTAS PESETAS": on an original intaglio-engraved note, you can feel the raised ink. A printed copy is completely flat.
  • Engraved line, not dots. With a ten-power magnifying glass, the portrait is rendered in fine, continuous lines. If you see a grid of colored dots, it is a modern print.
  • Watermark in the paper pulp. When held up to the light, in the unprinted white area, a head should appear formed within the paper, with soft shadows, not drawn on top.
  • Banknote paper, not photocopy paper. The original is durable, full-bodied paper that crackles when shaken. Modern coated paper is smooth, shiny, and cold to the touch.

Specific checks for this banknote

  • Read the date. It must say "Madrid October 21, 1940". If it says January 9, you have the Juan de Austria note.
  • Check the numbering. Seven digits in red, without a series letter: once at the top right of the obverse and twice on the reverse. All must match.
  • Look at the title letters. "El Banco de España" is written in a gothic style font, very different from the January note. In a good copy, those letters lose sharpness on the flourishes.
  • Look at the reverse against the light. The white area on the right of the reverse is where the watermark appears, formed within the paper.

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'll tell you today, no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com

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

This banknote is not one that exists by the ton. About three million were printed, and in 1947, 500 pesetas was a lot of money: almost no one put it aside as a souvenir. Significantly fewer are preserved than the small banknotes of that time, so even one that has circulated may be of interest, as long as it is complete, without large tears or adhesive tape.

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

I do not publish price ranges, and I explain 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 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 with scotch tape, and do not put it in soft PVC. All four things are irreversible. I explain it in detail in the guide to selling old banknotes.

How I buy it 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 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 the shipping, and I will transfer the money the same day I receive and verify the piece; if it does not match the photos, I will return it, paying for the return postage myself.

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

You don't have to live nearby: I buy all over Spain through this same system. And if you are from Asturias, I can come to your home without charging you for the visit, or we can look at it in my shop in Gijón, at Calle Cabrales 77, by appointment.

Frequently Asked Questions

What is on the 500 peseta banknote from October 1940?
A fragment of The Burial of the Count of Orgaz, the El Greco painting that is in the church of Santo Tomé in Toledo: Saint Augustine and Saint Stephen support the body of the deceased. On the reverse, there is a view of Toledo with the cathedral and the coat of arms of Spain of that time.

Why are there two 500 peseta banknotes from 1940?
Because the Bank of Spain approved two issues that year. The January one, printed in Italy, features Juan de Austria; the October one, printed in Spain, features the El Greco painting. Look at the date that appears on the obverse.

Does it have a series letter?
No. This banknote was issued without a series: it only has the seven-digit number in red.

Can I exchange it at the Bank of Spain?
No. Pesetas could no longer be exchanged as of 2021, and besides, this banknote had already lost its legal tender status much earlier. Today it only has collector value.

How do I know if mine is original or a reproduction?
The quickest way: look at the drawing with a magnifying glass (continuous engraved line in an original, dotted grid in 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 500 peseta banknote from 1940 worth?
It depends above all on the condition. It is not a banknote that exists in abundance, so even one that has circulated can be of interest, but the difference between a worn specimen and one that is well-preserved is enormous. That is why I do not give general figures: send me photos and I will appraise yours.

Do you buy it even if it has creases?
Yes, in this case I may be interested, as long as 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 good fit and how much I offer you.

The other banknotes from this issue

With the same date of October 21, 1940, this banknote was also issued. If you have it, send me photos just like with this one:

  • 1000 peseta banknote from 1940 (October 21) — Ramón Berenguer III

Other 500 peseta banknotes from the Bank of Spain

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 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'll tell you today what you have.
WhatsApp +34 644 54 98 79

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