1946 500-peseta banknote (Francisco de Vitoria): 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 February 19, 1946, this is what you have: the banknote cataloged as Pick-132 (Edifil 452), the Francisco de Vitoria note.

Obverse of the 500 peseta banknote from the Banco de España dated February 19, 1946, featuring a portrait of Francisco de Vitoria Reverse of the 500 peseta banknote from the Banco de España dated February 19, 1946
Obverse and reverse of the 500 peseta banknote from February 19, 1946. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is part of the February 19, 1946 issue, along with the 25 peseta note featuring Flórez Estrada, the 100 peseta note with Goya, and the 1000 peseta note with Luis Vives: a series dedicated to great figures of Spanish culture. It was produced by the Fábrica Nacional de Moneda y Timbre (National Mint and Stamp Factory), as indicated at the bottom of the obverse, and was not put into circulation until December 30, 1949.

Here you will find out who or what appears 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 won't find prices here; I explain why below.

Francisco de Vitoria: who is the face on this banknote?

Friar Francisco de Vitoria (Burgos or Vitoria, c. 1483 – Salamanca, 1546), a Dominican and professor at the University of Salamanca, was a central figure of the School of Salamanca. His lectures on the rights of the peoples of America and on "just war" have earned him the title of one of the fathers of international law. On the obverse, he appears on the right, wearing the black and white habit of the Dominicans, with his name at the bottom of the portrait.

On the reverse is the Plateresque façade of the University of Salamanca, specifically the Escuelas Mayores building, with the label "Universidad de Salamanca" between two large "500" figures on a pink background.

Banknote Fact Sheet

Face value 500 pesetas
Date of note Madrid, February 19, 1946
Pick Catalog P-132
Edifil 452
Printer Fábrica Nacional de Moneda y Timbre, Madrid
Paper Papeteries de Rives (France)
Dimensions 145 × 95 mm
Series None
Print run 3,011,800 copies
Put into circulation December 30, 1949
Signatures Antonio Goicoechea Cosculluela, Antonio Victoriano Martín Martín, and Antonio Rodríguez Morales de Setién
Engravers José Luis López Sánchez-Toda (obverse) and Alfonso López Sánchez-Toda (reverse)
Watermark Head of Francisco de Vitoria
Obverse Francisco de Vitoria
Reverse Façade of the University of Salamanca

How to tell if yours is an original

Like all large banknotes of the era, it has been reproduced in plates and facsimiles. The original is an intaglio-engraved banknote on French banknote paper, which leaves clear signs:

  • Raised ink. Run your fingertip over the portrait and the letters of "QUINIENTAS PESETAS": in an original intaglio-engraved note, you can feel the raised texture of the ink. A printed copy is completely flat.
  • Engraved line, not halftone. With a 10x magnifying glass, the portrait is resolved in fine, continuous lines. If you see a grid of colored dots, it is a modern print.
  • Watermark within the pulp. When held up to the light, a head should appear within the white, unprinted area, formed inside the paper with soft shadows, not drawn on top.
  • Banknote paper, not photocopier paper. The original is durable, substantial paper that crinkles when shaken. Modern coated paper is smooth, shiny, and cold.

Specific checks for this banknote

  • Look for the printer's mark. Below the obverse frame, in very small letters, you will read "Fca. Nal. de Moneda y Timbre".
  • Check the numbering. No series letter: once on the obverse, under "Quinientas pesetas", and four times on the reverse, in the corners. All must be identical.
  • Look at the white oval on the obverse. To the left of the obverse there is a clear area surrounded by a floral motif: when held to the light, the head of Vitoria should be visible there as a watermark.
  • Read the label on the reverse. At the bottom of the façade, in small print, "Universidad de Salamanca".

I will confirm it for free. If it turns out to be a reproduction, I will tell you that too: I gain nothing by letting you believe otherwise.

Original or facsimile? I will let you know 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

With just over three million copies and a very high face value for Spain in 1950, this banknote has been preserved much less frequently than the 1 or 5 peseta notes of the same era. It is not an extreme rarity, but it is not something found by the ton either: even a circulated one can be of interest, provided it is complete and without serious damage.

Even so, the condition changes everything. Look at it under raking light: turn off the overhead light, place a lamp to the side, almost skimming the surface of the banknote, and tilt it slowly. This is how you will see the folds, the creases in the center, and any ironed-out areas that are not apparent head-on. Tell me about them, or better yet, send me a photo taken this way.

I do not publish price ranges, and I will 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 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 on with tape, and do not put it in soft PVC. All four 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 held up to the light—and I will get back to you 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 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 value it for you for insurance or inheritance purposes, without buying 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 house without charging for the visit, or we can meet at my shop in Gijón, at Calle Cabrales 77, by appointment.

Frequently Asked Questions

Who is featured on the 1946 500 peseta banknote?
Friar Francisco de Vitoria, the Dominican theologian of the School of Salamanca, considered one of the fathers of international law. His name appears below the portrait. The reverse shows the Plateresque façade of the University of Salamanca.

Does it have a series letter?
No. It was issued without a series, with a six- or seven-digit number that appears on the obverse and four times on the reverse.

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 value as a collector's item.

How do I know if mine is an original or a reproduction?
The fastest way: look at the design with a magnifying glass (a continuous engraved line in an original, a dot pattern 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 1946 500 peseta banknote worth?
It depends primarily on the condition. It is not a banknote that exists in huge numbers, so even a circulated one can have interest, but the difference between a worn specimen and one that is well-preserved is enormous. That is why I do not provide general figures: send me photos and I will value yours.

Will 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 let you know if it fits my needs and how much I can offer.

The other banknotes in this issue

The banknotes dated February 19, 1946 are as follows. If you have any of these, send me photos just as you would with this one:

Other 500 peseta notes 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 what you have today.
WhatsApp +34 644 54 98 79

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