100 Reales de Vellón Banco de Valladolid

The Banco de Valladolid was one of the short-lived provincial banks authorized under Spain's 1856 banking legislation, which briefly allowed regional institutions to issue their own notes before the Banco de España gradually absorbed that privilege over the following decades. Valladolid's bank survived barely a decade before consolidation ended its independent note-issuing function.

Provincial Spanish issues from this period are notoriously scarce in any condition — circulation was local and redemption rates were high, with surviving notes rarely escaping the archive or the furnace. P#S431 is among the less frequently encountered of the series.