1971 500 peseta banknote (Verdaguer): 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 July 23, 1971, this is what you have: the banknote cataloged as Pick-153, the Jacinto Verdaguer note.

Obverse of the 500 peseta banknote from the Bank of Spain dated July 23, 1971, featuring the portrait of Jacinto Verdaguer Reverse of the 500 peseta banknote from the Bank of Spain dated July 23, 1971
Obverse and reverse of the 500 peseta banknote dated July 23, 1971. Image from the Banknote Mate (Catamates) catalog, used with permission.

It is the blue 500 peseta note that so many families remember from the seventies and eighties. It was manufactured by the Fábrica Nacional de Moneda y Timbre (National Currency and Stamp Factory) on paper from their own factory in Burgos, put into circulation on December 19, 1973, and almost 200 million were printed.

Here you will find who or what appears on it, how to distinguish it from those that resemble it, how to check if yours is original, and what to do if you want to sell it. You will not find prices here: I will explain why further down.

Jacinto Verdaguer: who is the face on this banknote

Jacinto Verdaguer (Folgueroles, 1845 - Vallvidrera, 1902), priest and poet, is the great figure of the Renaixença, the rebirth of literature in the Catalan language. He wrote the epic poems L'Atlàntida and Canigó. On the obverse, he appears young, on the right, wearing a barretina and a bow tie, with his name in small print next to the portrait.

On the reverse, in blue, is the town of Vernet-les-Bains, in the French Pyrenees, with the snow-capped Canigó massif in the background: the landscape of his poem Canigó (1886).

Banknote fact sheet

Face value 500 pesetas
Date of issue Madrid, July 23, 1971
Pick catalog P-153
Printer Fábrica Nacional de Moneda y Timbre, Madrid
Paper FNMT paper factory in Burgos
Dimensions 143 × 86 mm
Series No series and series with a digit and a letter before the number; replacement with 9A prefix
Print run About 199.8 million copies
Put into circulation December 19, 1973
Signatures Luis Coronel de Palma, José Gallego Adrados, and José Luis Artigas
Engravers Mateo García Navarro and Antonio Manso (obverse); José Antonio Prieto and Daniel Carande (reverse)
Watermark Head of Jacinto Verdaguer
Obverse Jacinto Verdaguer with barretina
Reverse Vernet-les-Bains and the Canigó massif

How to tell if yours is original

There are so many originals of this banknote that counterfeit collectibles don't make much sense, but there are prints and reproductions. The checks are the usual ones:

  • Tactile relief. Run the tip of your finger over the portrait and the letters of "QUINIENTAS PESETAS": on an original printed via intaglio, you can feel the ink ridge. A printed copy is completely flat.
  • Engraved line, not dot pattern. With a 10x magnifying glass, the portrait is rendered in fine, continuous lines. If you see a grid of color dots, it is a modern print.
  • Watermark in the pulp. When held up to the light, a head formed inside the paper should appear in the white, unprinted area, with soft shadows, not drawn on top.
  • Banknote paper, not photocopies. The original is a durable, sturdy paper that crinkles when shaken. Modern coated paper is smooth, glossy, and cold.

Specific checks for this banknote

  • Check the numbering. It is in red, twice on the obverse: top left and bottom right. Both numbers must be identical. The reverse does not have a number.
  • Look at the series letter. Pay attention to what comes before the number: nothing, a digit and a letter (e.g., "1M"), or 9A. The latter is the replacement note, the most sought after.
  • Look at the white circle on the reverse. On the right side of the reverse there is an unprinted circle: when held up to the light, the head of Verdaguer should appear there.
  • Do not confuse it with the 1979 issue. The 500 peseta note from 1979 features Rosalía de Castro and is a different color. If yours has a man with a barretina, this is the one.

I will 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, no strings attached
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com

Is your banknote worth anything? Most likely not

I’m telling you straight, because it’s what I’m asked most often: there are tons of these banknotes. Millions were printed and many, many families kept one in a drawer. With few exceptions, only those in perfect condition have value: no stains, no folds, no tears, and no worn corners. It is most normal that yours, if it has circulated, is worth nothing or almost nothing.

To know if it is truly perfect, examine it with tangential light: turn off the ceiling light, place a lamp or light from a window from the side, almost grazing the note, and tilt it slowly. This is how creases, marks from having been folded, and ironed-out areas—which are invisible from the front—appear. A note that looks new at first glance often has a fold in the center.

With almost two hundred million copies, there are only two things I look for here: that it is truly uncirculated—even better if you have several sequential notes—and the replacement notes with the 9A prefix, which were printed in much smaller quantities to replace defective ones.

I do not publish price ranges, and I’ll explain why: the value depends entirely on the specific specimen, and that cannot fit in a table. A generic figure from the internet is only good for causing disappointment. Send me photos and I will appraise your note, 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 my guide to selling old banknotes.

How I buy them from you

If yours is perfect or a replacement note, the process is simple.

You 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 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 and pay 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 only, 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 look at it in my store in Gijón, on Calle Cabrales 77, by appointment.

Frequently Asked Questions

Who is on the 500 peseta note from 1971?
Jacinto Verdaguer, the great 19th-century poet in the Catalan language, wearing a barretina. On the reverse is Vernet-les-Bains with the Canigó massif in the background, the mountain that gave the title to his most famous poem.

Why are there 1971 notes with such different numbers?
Almost two hundred million were printed, so the numbering either has a digit and a letter in front (e.g., "1M") or has no series. Replacement notes, which replaced defective ones, have the 9A prefix and are the most sought after.

Can I exchange it at the Bank of Spain?
No. Pesetas could no longer be exchanged as of 2021, and this note had already lost its legal tender status long before that. Today, it only has collector's value.

How do I know if mine is original or a reproduction?
The fastest way: look at the design with a magnifying glass (a continuous engraved line in an original, a grid of dots 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 note from 1971 worth?
Most of the time, little or nothing. Many of these notes have been preserved and, with rare exceptions, only perfect specimens—without stains, folds, or tears—have value. Look at it under tangential light, a light from the side grazing the note, to see if it has creases. If it is perfect, send me photos and I will tell you what it is worth.

Do you buy it even if it has circulated?
Usually not. There are so many of these that a specimen with folds, stains, or tears has no outlet among collectors. I am only interested in those that are perfect or rare variants. If you are in doubt, send me photos and I will let you know with no obligation.

Other banknotes dated 1971

This banknote was also dated the same year. If you have it, send me photos just like with this one:

  • 1000 peseta banknote from 1971 — José Echegaray

Other 500 peseta notes from the Bank of Spain

If you aren't 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 will tell you today what you have.
WhatsApp +34 644 54 98 79

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