Via Stellae III online auction #110

500 Pesetas. April 1, 1880. No series. (Edifil 2023: 280, Pick: 22). Extraordinarily rare, minimally repaired, and with some normal erosion for this type of note, which in no way detracts from its rarity and importance. VF-. Encapsulated PMG15NET (repaired). (To give an idea of the rarity, as of November 1, 2024, only two notes are listed in the PMG register.)

The world of classic Spanish banknotes is a collector's dream. It's a collection of very rare and exclusive banknotes of remarkable beauty and appeal. Among all the banknotes produced in the 19th century, it's difficult to single out one for its rarity and beauty, as several share the throne of the rarest and most expensive. Given their low production and high denomination, the 500 and 1,000 peseta banknotes are always the most sought-after by advanced collectors of classic banknotes. Very few were produced, and even fewer have survived.

One of these rare examples is the 500-peseta banknote from 1880 dedicated to the painter Claudio Coello, extraordinarily rare and difficult to find in any quality. The chosen image of the painter is far from the supposed self-portrait of 1680. The hair and mustache are noticeably different. However, we don't really know what Claudio Coello looked like because the authorship and subject of that painting are disputed. The image on the banknote was taken from another work, and its attribution as a portrait of Claudio Coello is based on expert opinion and its similarity to another image in the frescoes of the Mantería Church in Zaragoza.

The reverse of this banknote is a mystery. The choice of mauve tones in the printing is certainly puzzling, as the design, which otherwise depicts a scene of what appear to be washerwomen in a stable or in the presence of horses, is not easily discernible. The origin of the painting is unknown and has nothing to do with the artist. Another curious fact about this issue is that the engravings were printed on the tarlatan, while on others it was left out.

Automatically generated translation

25 Pesetas. January 1, 1884. No series. (Edifil 2023: 282, Pick: 24). Rare, especially unrepaired. VF+. Encapsulated PMG30. Ex-Caja Madrid auction collection.
Automatically generated translation

100 Pesetas. January 1, 1884. No series. (Edifil 2023: 284, Pick: 26). Very rare, especially unrepaired and in this quality. VF+. PMG30 case.
Automatically generated translation

1000 Pesetas. January 1, 1884. No series. (Edifil 2023: 286, Pick: 28). Extraordinarily rare, especially with no repairs. VF+. Encapsulated in PMG25. Ex-Caja Madrid auction collection. (To give an idea of the rarity, as of November 1, 2024, this note is the second-highest graded banknote in PMG, and only these three banknotes are listed in PMG's inventory.)

When the Bank of Spain contracted the American Bank Note Company to produce the January 1884 issue, they already had clear plans for expansion throughout the country. They opened fifteen new branches that same year, and another twelve would follow in the following two years. This was likely the reason they hired the American printing house to produce a new issue, given its capacity and response time were undoubtedly superior to those of the Bank's own workshop.

Like the previous issue produced by the American Bank Note Company, this 1884 issue features a specific vignette engraved for the Bank of Spain and an accompanying collection of other stock designs. Having learned the lesson of 1876, when the auxiliary vignettes were widely used by the Americans for other clients, the Bank of Spain wanted to restrict their use to prevent a repeat of the same situation. To this end, they purchased the painting that inspired the design of the 25-peseta note. However, they did not realize that the printing press had the plates already engraved and could replicate them at will, both for that vignette and for the others that adorn the rest of the issue. The matron with the wheel (officially an allegory of Fortune) located on the right side of this thousand-peseta note was used, as is or with some modification, extensively on banknotes from Brazil, Costa Rica, Honduras, and Mexico, all in the years following its use on the Spanish banknote. It also appears on a banknote issued by the Ontario Bank of Canada in 1888, which also uses other "Spanish" vignettes. The caryatid on the left side of the banknote was less famous, but was used a couple of years later on a Colombian banknote.

And why use the image of Juan de Dios Álvarez Méndez (Mendizábal was not his original surname, but he changed it in 1812, for political marketing purposes)? It's certainly a mystery worthy of analysis. He is the first politician to appear on a Spanish banknote, assuming that Campomanes is featured primarily for his studies and writings on economics. The July issue of that same year would repeat this trend, including other famous politicians (some recently deceased, like Mon). They all have in common that they were finance ministers. Presumably, Mendizábal was the first, having been part of the liberal conspiracy against Ferdinand VII.

From a collector's perspective, when considering this January 1884 issue, they know they're going to have to invest a significant amount of money to acquire it in its entirety. The lower denominations are classic banknotes of enormous beauty and relative rarity, but they are still within reasonable prices. However, the 500 and 1000 peseta denominations of this Mendizábal issue are a different story, as they are much rarer in any condition, and this, as expected, affects their market value. In particular, the 1000 peseta note from January 1884 is the rarest of the entire series, ranking on par with the 1875, 1878, and 1880 notes, and even the 50 peseta note from 1874, the famous Pick 2.

Automatically generated translation

100 Pesetas. July 1, 1884. No series. (Edifil 2023: 289, Pick: 31). Rare, especially unrepaired. VF+. Encapsulated PMG25.
Automatically generated translation

100 Pesetas. October 1, 1886. No series. (Edifil 2023: 294, Pick: 36). Very rare, especially unrepaired, with various staple points and a paperclip mark. VF. Case PMG35 (rust lightened, pinholes).
Automatically generated translation

500 Pesetas. October 1, 1886. No series. (Edifil 2023: 295, Pick: 37). Extraordinarily rare, especially in this exceptional quality, with all its original finish and without repairs, undoubtedly the finest known example, a dream banknote as it is an extreme quality in a classic banknote of enormous rarity. Good Extremely Fine++. Encapsulated PMG58EPQ. (To give an idea of the rarity, as of November 1, 2024, this banknote is the highest graded in PMG of the five existing ones).

Accustomed as we are to handling banknotes today, it's difficult to understand that in the 19th century, some of them were not intended for circulation among ordinary citizens. This is the case with these 500 pesetas from 1886, a banknote intended for the nobility and payments between large merchants. Skilled and well-paid workers in the Bank of Spain workshop took months to earn this money. Even the engravers, always highly regarded in the industry, couldn't manage to earn one of these notes every month; only the chief engraver was lucky enough to get one.

It seems somewhat contradictory that this 1886 issue was the first to unify the aesthetics around Goya, with the aim of providing a solid, common image for all banknotes now that they were going to circulate throughout the country; most mortals could barely see or use them. A 500-peseta note from 1886 could buy about 5,000 eggs… Thus, it doesn't seem that even a 25- or 50-peseta note would have found regular circulation in the retail trade; a few pesetas were enough to make the purchase. Considering the current price of a dozen eggs, we could think of 500 pesetas from 1886 as the equivalent of about 1,000 euros. However, prices and wages were not as they are today. A master bricklayer wouldn't see such a note for more than a month, and a laborer could only dream of collecting one after many months of work without any expense. A 500-peseta note from that era would buy five elegant, custom-made men's suits, with money left over. Considering its equivalent in 100-peseta gold coins, whose convertibility at the time was quite difficult given the Bank of Spain's resistance to doing so since the early 1880s, we're talking about about 160 grams of gold, about ten thousand euros at today's price. Crazy. Convertibility into silver would be more likely, with its equivalent being about 3.2 kilos of silver, currently worth between two thousand and two thousand five hundred euros. In essence, we could assume that this note would be equivalent to one currently worth between one thousand five hundred and three thousand five hundred euros—an incredible amount of money.

As for the specimen we're offering, it's the best preserved of all those we know of, both inside and outside the PMG registry. A superlative gem.

Automatically generated translation

100 Pesetas. June 1, 1889. Series A. (Edifil 2023: 299, Pick: 41). Rare, minimally repaired. VF+. PMG30 casing (minor repair).
Automatically generated translation

100 Pesetas. July 24, 1893. No series. (Edifil 2023: 302, Pick: 44). Rare, minimally repaired. VF+. Encapsulated in PMG35 (minor repair).
Automatically generated translation

5 Pesetas. 1898. Intaglio proof of the reverse of an unissued banknote. (Edifil 2023: NE10). Very rare. Unused.
Automatically generated translation

100 Pesetas. June 24, 1898. No series. (Edifil 2023: 305, Pick: 48). Extremely rare, especially in this exceptional quality and retaining all its original finish, with the numbering almost correlative with the one photographed in the Filabo catalog. Good Extremely Fine. Encapsulated PMG55EPQ. (To give an idea of the rarity, as of November 1, 2024, this note is the fourth highest graded, along with two other notes in PMG).
Automatically generated translation

25 Pesetas. May 17, 1899. Series L. (Edifil 2023: 306a, Pick: 49). Rare, unrepaired, original finish. Extremely Fine-. Encapsulated PMG40EPQ.
Automatically generated translation

100 Pesetas. July 1, 1903. No series. (Edifil 2023: 310, Pick: 53). Very rare, especially unrepaired. Encapsulated in PMG35. (To give an idea of the rarity, as of November 1, 2024, this note is the third highest graded, along with two other notes in PMG).

The so-called "General Plan for Banknotes" of the Bank of Spain of November 1902 proposed the development of a series of banknotes with a common, original style and dimensional logic, definitively banishing the use of matrices and tarlatana, something that was already happening with the first banknote of that time, the fifty pesetas by Velázquez. But unlike this banknote, from a design perspective, the drawings were not to be inspired by well-known works of art, as a further measure to reduce the likelihood of counterfeiting. Once this policy of innovation was accepted in early 1903, the design was commissioned to José Villegas Cordero, a renowned artist and then director of the Prado Museum at the time. The Sevillian's designs for these first 20th-century issues, especially those of 1903 and 1904, are surprisingly simple, monochromatic, and very far from his pictorial style and costumbrista themes. The poor technical quality so disappointed the Bank of Spain that the 1904 issue did not even circulate.

These 100-peseta banknotes from 1903, which allegorically depict the crucial role of the Bank of Spain in the country's development and industrial progress, entered circulation in October 1904 and were counterfeited by early 1905. This, along with the resignation of Luis Marín, technical head of the Bank of Spain's banknote-making workshop, led to the hiring of Bradbury & Wilkinson to definitively turn around the institution's fight against counterfeiting. However, this banknote is not all simplicity. This is the first appearance of silk fibrils in Spanish banknotes, an invention that would remain in use until the mid-20th century. This paper originates in France, from the Perrigot-Masure factory, whose factory was located next to the Moselle River in the commune of Arches, in the province of Lorraine. As a curiosity, the director of that house, Jules Perrigot, was passionate about cars, and he was responsible for the first traffic codes and a precursor to the driving test, right at the same time that this banknote was put into circulation, a failed attempt to modernize paper money and, at the same time, a jewel of Spanish notaphily due to its different design and rarity.

Automatically generated translation

25 Pesetas. January 1, 1904. Obverse proof, unnumbered and without the cashier's signature. (Edifil 2023: NE11P). Very rare. Unused.
Automatically generated translation

50 Pesetas. September 24, 1906. Series B. (Edifil 2023: 315a, Pick: 58a). Retains some of its original size. Extremely Fine.
Automatically generated translation

500 Pesetas. January 28, 1907. No series. (Edifil 2023: 316, Pick: 60a). Extremely rare, especially in this quality, and unrepaired. Unopened. Encapsulated PMG45.
Automatically generated translation

50 Pesetas. July 15, 1907. No series. (Edifil 2023: 319, Pick: 63a). Rare in this quality. Good Extremely Fine. Encapsulated PMG55.
Automatically generated translation

100 Pesetas. July 15, 1907. Obverse and reverse color proof, unnumbered and perforated SPECIMEN. (Edifil 2023: 320Pa, Pick: 64cts1, 64cts2). Very rare and spectacular. Unused. Cased PMG63 (printer's annotation, previously mounted), both.
Automatically generated translation

500 Pesetas. July 15, 1907. Front and back color proof, unnumbered and perforated SPECIMEN. (Edifil 2023: 321Pa, Pick: 65cts1, 65cts2). Extremely rare and spectacular. Unused. Encapsulated PMG63 (printer's annotation, previously mounted), both.
Automatically generated translation

25 Pesetas. December 1, 1908. Obverse proof on cardboard. (Edifil 2023: NE14P). Rare. Unused.
Automatically generated translation

5 Pesetas. 1914. Proof of the front on cardboard. (Edifil 2023: NE16Pa). Rare. Unused.
Automatically generated translation

100 Pesetas. July 1, 1925. Series A, without the cashier's signature and perforated SPECIMEN. (Edifil 2023: 323aM, Pick: 69s). Extraordinarily rare, especially in this quality and with the word SPECIMEN in the upper margin, it matches the one photographed in the Filabo catalog. Uncirculated. Encapsulated PMG64.
Automatically generated translation

50 Pesetas. May 17, 1927. Specimen and numbering 0,000,000. (Edifil 202: 326M, Pick: 72s). Extremely rare, it retains all its original finish. Uncirculated. Encapsulated PMG65EPQ.
Automatically generated translation

50 Pesetas. July 1, 1928. Unnumbered, with a red Bradbury stamp and no cashier's signature. (Edifil 2023: 329 MB, Pick: 75s). Very rare, original finish, matches the one photographed in the Filabo catalog. Good Extremely Fine. Encapsulated PMG55EPQ.
Automatically generated translation

100 Pesetas. June 1, 1925. Series F. (Edifil 2023: 350, Pick: 69c). Unusual in this exceptional quality, it retains all its original finish. Unused.
Automatically generated translation

500 Pesetas. July 24, 1927. No serial number and later number 1602000. (Edifil 2023: 352, Pick: 73c). Unusual in this quality. Good Extremely Fine+. Encapsulated PMG58.
Automatically generated translation

25 Pesetas. August 15, 1928. Series E. (Edifil 2023: 353, Pick: 74b). Retains all its original size. Uncirculated.
Automatically generated translation

100 Pesetas. August 15, 1928. Unnumbered, with a red Bradbury stamp and no cashier's signature. (Edifil 2023: 355Mb, Pick: 76s). Very rare. Fine +/-. Encapsulated in PMG58.
Automatically generated translation

100 Pesetas. August 15, 1928. Series A. (Edifil 2023: 355a). Retains all its original size. Uncirculated-.
Automatically generated translation

1000 Pesetas. August 15, 1928. Unnumbered, with a red Bradbury stamp and no cashier's signature. (Edifil 2023: 357Mb, Pick: 78s). Very rare, original finish. Good Extremely Fine+. Encapsulated PMG58EPQ.
Automatically generated translation

1000 Pesetas. August 15, 1928. No series. (Edifil 2023: 357, Pick: 78a). Retains all original finish. Uncirculated-.
Automatically generated translation

50 Pesetas. April 25, 1931. Proof submitted for approval by the Bank of Spain. Unserialized and perforated. (Edifil 2023: 359Pc, Pick: 82s). Extremely rare, with a check mark in the upper right corner. Matches the one photographed in the Filabo catalog. Good Extremely Fine. Encapsulated in PMG55.
Automatically generated translation

50 Pesetas. April 25, 1931. No series. (Edifil 2023: 359). Retains all its original size. Uncirculated--.
Automatically generated translation

100 Pesetas. April 25, 1931. No series. (Edifil 2023: 360). Retains all original finish. Uncirculated-.
Automatically generated translation

25 Pesetas. September 24, 1906. Series B and dry stamp "Provisional Government of the Republic / April 14, 1931" and SPANISH STATE / BURGOS. (Edifil 2023: 400A, Pick: 57b). VF.
Automatically generated translation

100 Pesetas. June 30, 1906. Series B and dry stamp PROVISIONAL GOVERNMENT OF THE REPUBLIC / APRIL 14, 1931. (Edifil 2023: 342, Pick: 59b). VF.
Automatically generated translation

1000 Pesetas. May 10, 1907. Unsealed and stamped PROVISIONAL GOVERNMENT OF THE REPUBLIC / APRIL 14, 1931. (Edifil 2023: 347, Pick 61). Rare, undamaged. VF.
Automatically generated translation

100 Pesetas. July 15, 1907. Unseen and stamped "Provisional Government of the Republic / April 14, 1931". (Edifil 2023: 343, Pick: 64b). Unusual. VF+.
Automatically generated translation

25 Pesetas. July 15, 1926. No series and dry stamp. PROVISIONAL GOVERNMENT OF THE REPUBLIC / APRIL 14, 1931. (Edifil 2023: 334, Pick: 57b). Part of the original finish is retained. Extremely Fine-.
Automatically generated translation

500 Pesetas. January 7, 1935. Numbered 0000000, perforation in the signatures and no cashier's signature. (Edifil 2023: 365M, Pick: 89s). Very rare, toned. Uncirculated-. Encapsulated PMG62 (toning).
Automatically generated translation

50 Pesetas. July 22, 1935. Series A, numbered 0,000,000, in red as indicated in the Edifil Catalogue and without the cashier's signature, with number C903. Numbered specimens are very rare. (Edifil 2023: 366M, Pick: 88cts). Very rare, very similar to the one photographed in the Filabo catalogue. Uncirculated. Encapsulated PMG64.

The banknote manufacturing process includes a series of pre-printing stages that are often overlooked by many collectors, mainly due to their scarcity and high price. During this process, artists focus on producing a complex and beautiful design. Once completed, the color selection process begins, with various combinations chosen and proof copies printed to see the actual result. These color proofs are submitted for approval by the client, who will choose a complete copy or the front of one and the back of another, as desired, or even suggest modifications to the shades or color sequences. These proofs, usually produced in numbers of around seven, were labeled to ensure the traceability of discussions and agreements.

The example being auctioned is one of those color proofs, in this case C903 by Thomas de la Rue for the 1935 50-peseta banknote dedicated to Ramón y Cajal. It is noteworthy that, in this case, both the obverse and reverse are red, a circumstance unusual in Spanish notaphily, particularly at that time when obverses and reverses always ended in different colors.

But we'll take advantage of this lot to talk about the terrible Spanish picaresque. Following the appearance of this same copy, chemical manipulations began to emerge in the past, turning the obverse red, and these even went through tests at other global auction houses unfamiliar with Spanish notaphilic history. Curiously, the reverses were not red. Similarly, the cheaters decided to put copies on the market in other colors or even partial combinations. All are manipulations carried out with chemicals. This enormous variety of colors in the manipulated banknotes stems from the fact that this ink contains anthocyanins, which are purple with a neutral pH, and which can change colors (blue, green, purple, yellow, pink, and red) depending on the acidity of the medium.

That's why finding an authentic red proof, like this one, is extraordinary and a magnificent opportunity to enhance any collection.

Automatically generated translation

50 Pesetas. July 22, 1935. No series. (Edifil 2023: 366, Pick: 88a). Rare in this exceptional quality, original finish. Unused.
Automatically generated translation

25 Pesetas. August 31, 1936. Series A. (Edifil 2023: 367a). Retains all its original size. Uncirculated.
Automatically generated translation

50 Pesetas. September 1, 1936. UNISSUED and Banco de San Sebastián. (Edifil 2023: NE39). Very rare, with minor tears in the margins. Extremely Fine-.

The conquest of northern Spain by the rebel troops was one of the first objectives once the Madrid and Aragon fronts stalled. Cut off from the rest of the Republic, Asturias, Santander, Vizcaya, and Guipúzcoa soon succumbed. With the border with France closed on August 9, the situation became more complicated because the Bank of Spain was unable to ship banknotes through the Basque Country (banknotes were normally transported by train). As throughout the Republican territory, various measures were implemented in Guipúzcoa to address the cash shortage. And, of course, beyond the requisitioning of local bank funds, the first thing on everyone's mind was issuing banknotes.

At the end of August 1936, the Finance Commission of the Gipuzkoa Authorities Board agreed with the Banks of Vizcaya, Urquijo, and Guipuzcoano to put into circulation vouchers for this purpose, secured by ten million pesetas in 500 and 1,000-peseta banknotes held by the Bank of Spain. The vouchers would be mandatory at least in stores supplying essential goods. The issuance of these vouchers was announced in the press on September 1. Given their poor voluntary acceptance, the mandatory circulation of the Biscayan vouchers was announced on September 10.

The tickets issued in San Sebastián during this period are extremely rare. Beyond the low volume of their issue and their limited commercial acceptance, their circulation was almost trivial, given that San Sebastián fell into rebel hands on September 13. Very few examples of these tickets are known (they can be counted on the fingers of one hand, with fingers left over), and they are always unsigned by the member and numbered.

Automatically generated translation

Set of 5 banknotes from the Bank of Bilbao, all issued in 1936 and all bearing rubber stamps issued by the Basque Government / EUZKADIKO JAURIARITZA / TREASURY. ESSENTIAL TO EXAMINE.
Automatically generated translation

Complete series of 6 banknotes, except for those not yet issued, from the January 1, 1937 issue of the Bank of Spain in Bilbao. Extremely Fine/Good Extremely Fine.
Automatically generated translation

10 Pesetas. September 25, 1936. Generalitat de Catalunya. Series C. (Edifil 2023: 374, Pick: S593). Very rare in this quality. Good Extremely Fine+. Encapsulated PMG58.
Automatically generated translation

25 Pesetas. November 1, 1936. Santander branch, Banco Hispano Americano prefix. No series. (Edifil 2023: 377c, Pick: S583c). Very rare in this exceptional quality, slight age stains. Good Extremely Fine. Encapsulated in PMG55 (stains lightened). (To give an idea of the rarity, as of November 1, 2024, this is the highest-graded banknote in PMG with this prefix.)
Automatically generated translation

100 Pesetas. November 1, 1936. Santander branch, Banco de Santander prefix. No series. (Edifil 2023: 379g, Pick: S585e). Very rare in this exceptional quality, original sizing. Good Extremely Fine. Encapsulated PMG55EPQ (to give an idea of the rarity, as of November 1, 2024, this is the highest-graded banknote in PMG with this prefix).
Automatically generated translation

50 Pesetas. November 5, 1936. Gijón branch. No series. (Edifil 2023: 383, Pick: S574). Unusual in this quality. UNC-.
Automatically generated translation