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25 Pesetas

Issuer Banco de España
Year 1906
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Shape Rectangular
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Reverse description Light blue letterpress print over a pale yellow guilloche underprint, with serial number printed in red. The crowned coat of arms of Spain is centrally placed, surrounded by intricate geometric lathe-work border designs and denomination inscriptions.
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Variants P#57a - issued note
P#57b - with round embossed Republic validation seal at upper left (1931)
Comments

Bradbury Wilkinson engraved and printed this series for the Banco de España at a moment when the Spanish monetary system was still absorbing the aftershocks of 1898 — the loss of Cuba, Puerto Rico, and the Philippines had gutted colonial revenue and forced a hard domestic reckoning with public debt and currency confidence. The 1906 issues were part of a broader effort to stabilize perception of Spanish paper, and contracting a reputable London security printer was a deliberate signal of institutional seriousness.

Pick 57 is notably scarce in any grade. The 25 peseta denomination circulated hard among a population that used paper money reluctantly, and the survival rate reflects it.

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