6 | Spanish Banknotes

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1000 Pesetas. October 1, 1886. No series. (Edifil 2021: 296, Pick: 38). Extraordinarily rare, lavishly repaired. Almost Very Fine. Encapsulated PMG20NET (Repaired, reconstructed, pieces added) (to give us an idea of ​​the rarity, as of March 1, 2024, it is the only one qualified in PMG).

Although the Bank of Spain obtained a monopoly on issuance throughout Spanish territory in 1874, the entity continued with its same philosophy of banknote circulation. These would only run in certain provinces where there were branches of the Bank, but at no time was circulation at the national level considered. Among the opponents of this we will even find prominent politicians who would have positions in the Bank of Spain. But the path towards the unification of fiduciary circulation could not be stopped. In 1878, regional circulation was agreed, allowing the exchange of low-denomination banknotes domiciled in some neighboring regions. The first case was between the recently created branches of Reus and Tarragona, later planning circulation between Sevilla, Cádiz and Jerez and several more in the following years.

The difficulty of foreseeing the exchange of banknotes at any point or their recursion at one point represented a headache for the Bank, because it needed to theoretically have much more cash mobilized to be able to cover such circumstances. In March 1882, the Bank ordered that the 25 peseta notes that were issued be accepted in all branches. A little more than a month later, the national circulation of the 50 and 100 peseta bills was agreed. The 1878 issue was used for that purpose.

The process culminated on February 14, 1884 when the extension of 250, 500 and 1000 peseta banknotes as a means of payment nationwide was authorized. However, the public's lack of knowledge and the existence of banknotes with domiciled stamps did not provide an adequate image. That is why the Bank decided to create a new complete issue, that of 1886, in order to provide a unique image to the national banknote. In other words, the aim was to clarify to the public which banknotes were in use throughout the country. In a certain sense, the use of the same vignette on all banknotes symbolized the unification of paper money. The circulation of banknotes multiplied tenfold compared to 1874 in the process of expansion to the entire territory. Between 1886 and 1887, 16 branches of the Bank were opened.

From the collector's point of view, the 500 and 1000 peseta banknotes of 1886 are cult specimens. Very rare, with very few surviving copies, these banknotes are also of great beauty, particularly the 1000 pesetas one. The 500 bill has some auxiliary vignettes designed by Alejandro Ferrant Fischermans that may not be his best portraits, but they are loaded with symbolism. We will also see one of his works on the back of the 500 pesetas of 1928 dedicated to Fernando III the Saint. The portrait of Goya used as the main vignette of this series of banknotes is based on the oil painting by Vicente López, to which the 25 peseta banknote of 1931 would be dedicated almost half a century later. The engravings are the work mainly of Domingo Martínez and Bartolomé Maura.