41 | Spanish Banknotes

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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.