50 Pesetas

The Banco de España's 1880 series was printed entirely in-house at the bank's own Madrid workshop — relatively unusual for Spanish notes of the period, when foreign printers still handled much of the country's currency production. The bank had only been granted its monopoly on note issuance in 1874, so these early issues represent the institution still consolidating its technical infrastructure.

Pick 20 is among the scarcer pieces from this series; surviving examples in any condition are infrequently encountered, likely a consequence of low original print runs and the aggressive recall campaigns that followed subsequent monetary reforms in the 1880s and 1890s.