1940 500-peseta banknote (Juan de Austria): what it is and whether 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 9, 1940, this is what you have: the banknote cataloged as Pick-119, the one featuring John of Austria.

Obverse of the 500 peseta banknote from the Bank of Spain dated January 9, 1940, with the portrait of John of Austria Reverse of the 500 peseta banknote from the Bank of Spain dated January 9, 1940
Obverse and reverse of the 500 peseta banknote dated January 9, 1940. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is part of the January 9, 1940 issue, the first major series of post-war banknotes: Juan de Herrera on the 25 peseta note, Menéndez Pelayo on the 50, Columbus on the 100, John of Austria on this 500, and Charles I on the 1000. It was printed in Milan by the firm Calcografia & Cartevalori, as indicated at the bottom of the obverse, but it was not put into circulation until August 1945. Be careful: there is another 500 peseta banknote from that same year, the October issue, featuring The Burial of the Count of Orgaz; I will explain how to distinguish them further down.

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

John of Austria: who is the face on this banknote

Don John of Austria (Regensburg, 1547 - Namur, 1578), illegitimate son of Emperor Charles I and half-brother of Philip II. At only 24 years old, he commanded the Holy League fleet in the Battle of Lepanto (1571), the great naval victory against the Ottoman Empire. His portrait appears on the right of the obverse, wearing a ruff collar and armor, with the label "D. Juan de Austria" underneath. In the center, the coat of arms of Spain of that era featuring the eagle.

On the reverse, within a wide frame, is a naval battle with galleons and sailing galleys, evoking Lepanto. On the right, there is an unprinted strip with "500 pesetas".

Banknote factsheet

Face value 500 pesetas
Banknote date Madrid, January 9, 1940
Pick catalog P-119
Printer Calcografia & Cartevalori, Milan (Italy)
Dimensions 155 × 96 mm
Series Series A only
Print run 3,380,000 copies
Released into circulation August 28, 1945
Signatures Antonio Goicoechea Cosculluela, Antonio Victoriano Martín Martín and Juan Villarroya Masfarner
Watermark Head of John of Austria and the value
Obverse John of Austria and the coat of arms of Spain of that era
Reverse Naval battle with galleons, in memory of Lepanto

How to tell if yours is an original

It is a beautiful and relatively scarce banknote, so it has been reproduced in prints and facsimile collections. It is best to rule that out first. The original is an intaglio-engraved banknote by an Italian security printer, which leaves marks that a modern reproduction does not have:

  • 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 halftone. With a 10x magnifying glass, the portrait is resolved into fine, continuous lines. If you see a grid of colored dots, it is a modern print.
  • Watermark in the 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. The original uses resistant paper with body that crinkles when shaken. Modern coated paper is smooth, shiny, and cold.

Specific checks for this banknote

  • Read the portrait label. Below the portrait, it should read "D. Juan de Austria." If the portrait is of someone else, it is a different banknote from the issue.
  • Look for the printer's mark. Below the obverse frame, in tiny letters, it reads "Calcografia & Cartevalori - Milano (Italia)".
  • Check the serial number. It appears twice on the obverse, on the left, with the series letter A in front and the number separated by dots (e.g., "A1.137.237"), and is repeated in small print on the reverse. All numbers must match. There is only Series A for this banknote.
  • Look at the white strip on the left. Held up to the light, the watermark with the head of John of Austria should appear in that unprinted area.

Don't confuse it with the October 1940 one

The other 500 peseta banknote from 1940 is dated October 21, does not feature a bust portrait but rather a section of El Greco's painting showing the Lord of Orgaz being supported by two saints, and a view of Toledo on the reverse. Furthermore, it was printed in Spain and does not have a series letter.

I can confirm it for free. If it turns out to be a reproduction, I will tell you regardless: I gain nothing by making you believe otherwise.

Original or facsimile? I can tell you today, with 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 is not one of those banknotes that exist by the ton. In 1945, 500 pesetas was a lot of money—more than a month's salary for many people—a little over three million were printed, and very few families kept one as a souvenir. That is why even a specimen that has circulated may be of interest to a collector, provided it is complete and without serious damage.

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 tilt it slowly. This way, you will see 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 here is why: the value depends entirely on the specific specimen, and that does not fit in a table. A generic figure from the internet is only good for ending up disappointed. 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 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 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 serial number, 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 for insurance or inheritance purposes, without any sale, and I can manage the PMG grading or consignment for you.

You do not need to live nearby: I buy all over 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 look at it in my store in Gijón, at Calle Cabrales 77, by appointment.

Frequently asked questions

Who is on the 500 peseta banknote of January 1940?
Don John of Austria, the son of Charles I who commanded the Christian fleet at Lepanto. His name appears written under the portrait. On the reverse, there is a naval battle with galleys and galleons, which evokes the 1571 Battle of Lepanto.

Are there two 500 peseta banknotes from 1940?
Yes. This is the one from the January 9, 1940 issue, with John of Austria. The other is dated October 21, 1940, and shows a fragment of The Burial of the Count of Orgaz, by El Greco. Check the date and the portrait to know which one you have.

Can I exchange it at the Bank of Spain?
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 original or a reproduction?
The fastest 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 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 1940 500 peseta banknote worth?
It depends primarily on the condition. This is not a banknote that exists in bulk, so even one that has circulated may be of interest, but the difference between a worn specimen 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 for me and how much I offer.

The other banknotes of this issue

The banknotes dated January 9, 1940 are these. If you have any, send me photos just like with this one:

Other 500 peseta banknotes from the Bank of Spain

If you are not sure which one yours is, compare it with these: they are all 500 peseta notes 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 will tell you today what you have.
WhatsApp +34 644 54 98 79

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