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| 正面描述 | A large intaglio-engraved allegorical vignette occupies the left portion of the note, with a standing nude male figure holding a shovel — an allusion to industry and labour — set against a background of industrial machinery. To the right, a seated putto holds a palm frond beside a large circular blank medallion. The denomination "CIEN PESETAS" is printed in bold letterpress at centre, with the date "Madrid 1º de Julio de 1903" below. Decorative acanthus-scroll side panels flank the composition, and three manuscript signatures appear at the foot under the titles "El Interventor", "El Gobernador", and "El Cajero". Serial numbers are printed in each corner. |
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| 正面铭文 | 100 PESETAS EL BANCO DE ESPAÑA PAGARÁ AL PORTADOR CIEN PESETAS Madrid 1º de Julio de 1903 EL GOBERNADOR. EL INTERVENTOR. EL CAJERO (Translation: 100 Pesetas The Bank of Spain will pay the bearer One Hundred Pesetas Madrid, 1st of July of 1903 The Governor. The Comptroller. The Cashier) |
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This series was produced by the Banco de España's own printing works in Madrid at a time when Spain still operated its note production in-house, before later outsourcing to more technically sophisticated foreign printers. Bartolomé Maura Montaner was one of the most accomplished Spanish engravers of his generation — his work for the Real Casa de la Moneda earned him a sustained reputation, and his collaboration with the painter José Villegas Cordero brought a distinctly academic fine-arts sensibility to the intaglio work.
Spain's monetary situation in this period was still recovering from the fiscal damage of 1898, when the loss of Cuba, Puerto Rico, and the Philippines triggered a sharp contraction in public confidence. The 100 pesetas denomination circulated in a climate of residual distrust toward paper instruments.