25 Pesetas

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.