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400 Escudos
| Issuer | Banco de España |
|---|---|
| Year | 1870 |
| Type | Standard circulation banknote |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | 400 ESCUDOS CUATROCIENTOS ESCUDOS EL BANCO DE ESPAÑA pagará al portador CUATROCIENTOS ESCUDOS en efectivo. Madrid 1º de Marzo de 1870. El Gobernador Por la Intervencion Por la Caja (Translation: Four hundred Escudos The Bank of Spain will pay the bearer Four Hundred Escudos in cash Madrid, March 1, 1870. The Governor For the Intervention For the Cash) |
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| Reverse lettering | 400 ESCUDOS |
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| Comments |
The 400 escudos denomination places this note in the brief window between the 1868 Glorious Revolution — which overthrew Isabella II — and Spain's adoption of the peseta system in 1874. The escudo had itself only replaced the real in 1864, making this currency already a second-generation reform instrument by the time it was printed. Spain went through three monetary unit changes in a single decade.
The Banco de España did not yet hold a monopoly on note issuance in 1870; regional banks still competed for circulation. Notes of this period are rare in any condition, partly because public confidence in paper remained fragile throughout the First Spanish Republic years that followed.