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FUN Signature Currency Sale 4028 21-22 Jan 2021
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Spain Banco de Espana 500 Pesetas 1.10.1903 Pick 54a PMG Very Fine 30. Stunning, allegorical designs are seen on this large format, high denomination type from 1903. Printer records indicate that 2.5 million notes were prepared, but issuance was slow, as 500 Pesetas in 1903 was convertible to a sizable hoard of gold coin. However, relatively shortly after issue, well-crafted forgeries sprung up which forced the Bank of Spain to cease issuance and promote the redemption of those banknotes that had been issued. Since gold coinage was preferable to paper, most notes were redeemed and destroyed. Although the designs are elegant and well-etched, the simplicity in color schemes must have promoted the black market forgery process. Nevertheless, this genuine example is nearly unique. It is only the second example to be cross the auction block since records were kept. The red security fibers are seen at front, along with a watermarked circle in the upper right quadrant. Standard folds are seen, as this note is free of any netting defects. At the time of cataloging, this is the only note graded in the PMG Population Report. An incredible opportunity to acquire a seriously rare type. Notice the winged man at front dropping a fortune in coins and banknotes down the left margin. That is what this banknote represented in 1903. https://currency.ha.com/itm/world-currency/spain-banco-de-espana-500-pesetas-1101903-pick-54a-pmg-very-fine-30/p/4028-31002.s?type=CoinArchivesCurrency4028 HID08706262019 © 2020 Heritage Auctions | All Rights Reserved
Estimate: 19200-28800 USD
Spain Banco de Espana 500 Pesetas 1.10.1903 Pick 54a PMG Very Fine 30. Stunning, allegorical designs are seen on this large format, high denomination type from 1903. Printer records indicate that 2.5 million notes were prepared, but issuance was slow, as 500 Pesetas in 1903 was convertible to a sizable hoard of gold coin. However, relatively shortly after issue, well-crafted forgeries sprung up which forced the Bank of Spain to cease issuance and promote the redemption of those banknotes that had been issued. Since gold coinage was preferable to paper, most notes were redeemed and destroyed. Although the designs are elegant and well-etched, the simplicity in color schemes must have promoted the black market forgery process. Nevertheless, this genuine example is nearly unique. It is only the second example to be cross the auction block since records were kept. The red security fibers are seen at front, along with a watermarked circle in the upper right quadrant. Standard folds are seen, as this note is free of any netting defects. At the time of cataloging, this is the only note graded in the PMG Population Report. An incredible opportunity to acquire a seriously rare type. Notice the winged man at front dropping a fortune in coins and banknotes down the left margin. That is what this banknote represented in 1903. https://currency.ha.com/itm/world-currency/spain-banco-de-espana-500-pesetas-1101903-pick-54a-pmg-very-fine-30/p/4028-31002.s?type=CoinArchivesCurrency4028 HID08706262019 © 2020 Heritage Auctions | All Rights Reserved
Estimate: 19200-28800 USD