100 Pesetas

The Banco de España turned to the American Bank Note Company for this 1884 issue at a moment when Spanish domestic printing capacity was considered inadequate for high-denomination security work. ABNC had by then established itself as the dominant supplier to Latin American and Iberian issuers, and the Madrid government's choice reflected a practical calculation about engraving quality and anti-counterfeiting complexity rather than any ideological preference.

Pick 26 is among the earlier catalogued issues for the Banco de España following its 1874 consolidation as Spain's sole note-issuing institution — a monopoly wrested from the competing provincial banks after years of fragmented issuance. Surviving examples are rarely encountered outside specialist collections.