25 pesetas 1928

Common. Despite its age and historical significance, this banknote remains common in the collector market. eBay sales data consistently shows examples trading for $1–$60 depending on condition and grading, with UNC examples typically selling for $10–$35. The robust print run of the 1928 issue, combined with the note's survival in reasonable quantities over nearly a century, places it firmly in the common category. Market data from realbanknotes.com indicates steady, liquid trading with multiple sales annually across all condition grades, a hallmark of common-date currency.

This banknote was issued during Spain's transition period following the restoration of the Spanish monarchy and predating the Second Spanish Republic (1931-1939). The choice to honor Pedro Calderón de la Barca, the 17th-century dramatist and poet, reflects Spain's cultural nationalism during this era. The reverse's depiction of a scene from 'La Devoción de la Cruz' (The Devotion to the Cross)—Calderón's 1637 religious drama—emphasizes the intertwining of Spanish literature, faith, and national identity in the design of the nation's currency.

The obverse features a portrait of Pedro Calderón de la Barca, the celebrated 17th-century Spanish dramatist, positioned on the right side of the note in a brown/sepia tone, depicted with period beard and formal collar or chain. The center-left showcases a monument or allegorical statue seated figure with a child, likely representing a personification of Spain or devotion. The note is dominated by a blue-grey color scheme with ornate repeating decorative borders and heraldic emblems characteristic of Banco de España currency design. The reverse depicts 'La Devoción de la Cruz' (The Devotion to the Cross), an elaborate historical scene with approximately 8-12 figures in period costume engaged in a dramatic event, rendered in burgundy, mauve, and light blue tones. A prominent cross on a hilltop with fortified structures in the background emphasizes the religious and historical narrative of Calderón's drama. The fine-line engraving technique creates exceptional detail and visual depth throughout both sides.

Front side: 'EL BANCO DE ESPAÑA' (The Bank of Spain); 'PAGARA AL PORTADOR' (Will pay to bearer); 'VEINTICINCO PESETAS' (Twenty-five pesetas); 'MADRID, 15 de Agosto de 1928' (Madrid, August 15, 1928); 'EL GOBERNADOR' (The Governor); 'EL INTERVENTOR' (The Comptroller); 'EL CAJERO' (The Cashier); 'CALDERON' (Calderon); 'VIAJERO' (Traveler); 'BRADBURY, WILKINSON & Co LP GRABADORES, LONDRES' (Bradbury, Wilkinson & Co LP Engravers, London); Serial number: 'C4.934.542'. Back side: 'BANCO DE ESPAÑA' (Bank of Spain); '25' (denomination); 'BRADBURY, WILKINSON & Co LP GRABADORES, LONDRES' (Bradbury, Wilkinson & Co LP Engravers, London); Serial numbers: 'C4.934.542' and 'G4.934.542'.

Steel-plate engraving with intaglio printing, executed by Bradbury Wilkinson & Co LP of London, a premiere European security printer. The visual characteristics—fine detailed line work, complex background patterns, ornate borders, and the depth of the portraiture and allegorical scene—are consistent with high-security intaglio engraving standards of the 1920s. The precision of the repeating decorative elements and the multi-color printing across both obverse and reverse indicate skilled coordination of multiple engraved plates.

This is identified as Pick P-74b, the standard variety for the 1928 25 pesetas issue. The note carries a serial number beginning with 'C' prefix (C4.934.542 visible on both sides), which is typical for this issue. No series letter appears on the note, consistent with catalog references. Bradbury Wilkinson & Co (BWC) printer attribution is confirmed by the engraver imprint. The woman watermark noted in catalog references is characteristic of this series. No significant overprints or varieties are apparent from the visual analysis; this represents the standard regular issue of August 15, 1928.