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100 Pesetas

Issuer Banco de España
Year 1886
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Reference(s) P#36
Obverse description Black intaglio print on white paper with black serial number. To the left, an allegorical male figure accompanied by a rooster at ground level; to the right, a front-facing bust portrait of the Spanish painter Francisco de Goya. The text panels carry the issuing authority's obligation clause, date, and the name GOYA beneath the portrait.
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Reverse description Printed in contrasting dark and light blue, the reverse is dominated by an elaborate guilloche lattice underprint filling the central field, with a large unprinted oval watermark window at centre. The numeral '100' appears twice in large white relief numerals flanking the central oval, and an ornate rectangular border of lathe-work rosettes and cartouches frames the entire design.
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Comments

The Banco de España was reorganized by royal decree in 1874, granting it monopoly over note issuance across Spain — prior to that, regional banks had issued their own currency. This 1886 series emerged during a period of relative institutional consolidation, when the Bank was working to establish national circulation credibility after decades of competing paper.

P#36 is among the earlier issues under that unified mandate. Surviving examples in any honest condition are uncommon; redemption rates for 19th-century Spanish provincial circulation were high, and the Bank periodically recalled and destroyed older series as new designs came into use.

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