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| 正面描述 | Central intaglio portrait vignette of Juan Sebastián de Elcano, the Spanish navigator celebrated for completing the first circumnavigation of the globe, set against a finely engraved background with typeset letterpress inscriptions stating the issuing authority and denomination. The date and place of issue — Madrid, 25 de Abril de 1931 — appear below the central composition, with the full title of the note reading «El Banco de España Pagará al Portador Quinientas Pesetas». Three facsimile signatures of the Gobernador, Interventor, and Cajero are printed at the foot of the note. |
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| 正面铭文 | 500 EL BANCO DE ESPAÑA PAGARÁ AL PORTADOR QUINIENTAS PESETAS MADRID, 25 de ABRIL de 1931. JUAN SEBASTIAN DE ELCANO EL GOBERNADOR / EL INTERVENTOR / EL CAJERO (Signatures of Julio Carabias Salcedo, Adolfo Castaño Orejón and Bonifacio Burgos Delgado) (Translation: The Bank of Spain Will pay the bearer Five Hundred Pesetas Madrid, 25th of April of 1931 Juan Sebastian de Elcano The Governor / The Auditor / The Cashier (Signatures of Julio Carabias Salcedo, Adolfo Castaño Orejón and Bonifacio Burgos Delgado)) |
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Bradbury Wilkinson produced this note during the opening year of the Second Spanish Republic, proclaimed in April 1931 after Alfonso XIII's departure. The timing matters: the Republic inherited a banking apparatus still oriented toward the monarchy, and early notes like this one reflect the awkward transitional period before distinctly republican designs were commissioned. Three signature positions were standard for Banco de España issues of this period, requiring authorization from both treasury and bank officials simultaneously.
Pick 84 is notably scarce in higher grades — the political upheaval of the 1930s, culminating in the Civil War, disrupted normal circulation and reserve management alike.