200 Reales de Vellón Banco de Valladolid

The Banco de Valladolid was one of several provincial banks authorized under Spain's 1856 banking legislation, which briefly allowed regional institutions to issue their own currency before the Banco de España gradually absorbed that privilege over the following two decades. Valladolid's notes circulated in a tight regional orbit — acceptance outside Castile was never guaranteed, and merchants in Madrid or Barcelona had little reason to honor provincial paper at face value.

The S-prefix in the Pick reference places this firmly in the specialized provincial category. Survivors are uncommon; most Spanish provincial bank notes were redeemed and pulped after consolidation.