2 | Spanish Banknotes

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50 Pesetas. April 1, 1880. No series. (Edifil 2021: 277, Pick: 20). Extraordinarily rare, especially without any repairs. Good Very Fine. Encapsulated PMG30 (to give us an idea of ​​the rarity, as of November 1, 2023, it is the only note graded in PMG).

In the midst of the expansion of branches and banknotes throughout the national territory, the Bank of Spain decided to cut contracts with the English and Americans to return to manufacturing banknotes in its workshops. This is how the issue of 1878 arose, followed later by that of 1880. The first was dedicated entirely to writers (although Pablo de Céspedes stood out in more arts), while the one of 1880 is composed of two painters, a poet and a politician. The latter was a strange choice, since it did not stand out in any of the major arts to which banknotes had been dedicated until that moment (apart from allegories, portraits of painters, writers, sculptors and architects had been used). So, why did Pedro Rodríguez de Campomanes appear on a banknote in 1880? Presumably, beyond belonging to a golden era whose characters would be honored years later on other banknotes, the main reason for including Campomanes is not politics, but rather his writing side. A scholar of ancient and modern languages, he was a translator of Arabic and Greek and also the author of an immense work on the Templars. His love for history and his work led him to preside over the Real Academy of History on two occasions. Obviously, his greatest production was focused on the economy and politics and that led him to be appointed Minister of Finance in 1760 and shortly after prosecutor of the Council of Castile, which he would later preside over. Years later he would promote the creation of the Economic Societies of Friends of the Country, of an enlightened nature. In this way, Campomanes always surrounded himself in his home with artists and thinkers, such as Mengs, Ventura Rodríguez, Jovellanos or Cabarrús, to name just a few.
This banknote, of which there are only half a dozen available to the collector, curiously entered circulation quite late when the single banknote of each denomination had already been established for use throughout Spain based precisely on the issues of 1878 and 1880. At that time Construction of the Bank of Spain building began at the confluence of Alcalá Street with Paseo del Prado.
In 1880, a 50 peseta bill was used to buy a tenth of the Christmas Lottery, which could mean almost a monthly salary for many workers without much qualification. Thus, despite its low denomination, it should not have been a common bill among the average citizen. With a ticket like this you could buy a lot of food and a lot of clothes and it is assumed that they were not usually stored. And of course, it was a bill that ended up being counterfeited.