100 Pesetas

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.