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| 正面铭文 | CIENTO 100 EL BANCO DE ESPAÑA pagará al portador CIEN PESETAS Madrid 24 de Junio de 1898 EL GOBERNADOR. EL INTERVENTOR. EL CAJERO JOVELLANOS (Translation: One Hundred 100 The Bank of Spain will pay the bearer One Hundred Pesetas Madrid, June 24, 1898 The Governor. The Comptroller. The Cashier) |
| 背面描述 | Printed in light brown, the reverse carries at left a laureate male head in right-facing profile, while at right an allegorical female figure holds a mirror, accompanied by a cherub bearing a torch; two lions are positioned at the bottom of the composition, framing the denomination inscriptions. |
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The Banco de España's 1898 100 Pesetas was issued against a catastrophic political backdrop: Spain was in the final year of the Spanish-American War, which would strip it of Cuba, Puerto Rico, and the Philippines before the end of that year. The bank was simultaneously managing serious pressure on reserves, and paper emissions were partly a function of that fiscal strain rather than routine monetary management.
P#48 is notably scarce in any grade — the 1898 series had limited production runs compared to earlier 1890s issues, and wartime hoarding followed by postwar economic disruption meant few notes survived ordinary use.