5 pesetas 1945

Common. While this is a historically significant post-Civil War Spanish note, the eBay market data clearly indicates it is common in the current collector market. Recent sales show UNC examples fetching $70 in 2018, with more recent F-VF grade specimens selling for $3-17 (2020-2024). The 2016 catalogue value of $100 for UNC has declined in actual market transactions, and the consistent availability of multiple condition grades on the secondary market indicates substantial print run survivorship. This is a regularly encountered note among Spanish banknote collectors.

Issued in 1945, just after the Spanish Civil War (1936-1939), this banknote commemorates Spain's historical Catholic Monarchs and the Age of Exploration through its portrayal of Queen Isabella I and Christopher Columbus on the obverse. The reverse design depicting the Reconquista (Spaniards fighting Moors) reflects the Franco regime's emphasis on Spain's Christian historical narrative and imperial heritage during the early post-war consolidation period. The date of June 15, 1945 places this issue in the immediate aftermath of World War II, a period of international isolation for Spain.

The obverse features Queen Isabella I (Isabel la Católica) portrayed as a seated allegorical female figure wearing a crown and draped classical clothing on the left side, symbolizing Spanish monarchy and authority. Christopher Columbus is depicted as a standing male figure in period clothing viewed in profile on the right, representing Spain's role in the Age of Exploration. Both figures are rendered in detailed classical engraving style with ornate circular cartouches containing the denomination '5' positioned in the upper left and right corners. The reverse showcases a complex historical engraving of the Reconquista, depicting multiple armored military figures on horseback engaged in combat against Moorish forces, with denomination cartouches in the lower corners. Ornamental borders with floral and geometric patterns frame both sides of the note.

OBVERSE: 'BANCO DE ESPAÑA' (Bank of Spain); 'CINCO PESETAS' (Five Pesetas); 'DE CURSO LEGAL' (Of Legal Currency); 'Madrid 15 de Junio de 1945' (Madrid, June 15, 1945); 'EL GOBERNADOR' (The Governor); 'EL INTERVENTOR' (The Comptroller); 'EL CAJERO' (The Cashier); Serial number 'H8856960'. REVERSE: 'BANCO DE ESPAÑA' (Bank of Spain); Serial number 'H8856960' (stamped in red).

Intaglio engraving (line engraving/steel engraving), executed by the Fábrica Nacional de Moneda y Timbre (National Mint and Stamp Factory) in Madrid. The fine line engraving throughout, particularly evident in the intricate details of the historical scenes, the portraiture, and the decorative border patterns, indicates traditional hand-engraved intaglio plates. The multi-color printing (black primary with green underprint and red serial number overlay) suggests sequential intaglio printing passes.

Pick catalog identifies variant P-129a (Madrid). The visual analysis indicates this example lacks a series letter prefix (or contains series designation within the standard issue range A-M), which is consistent with the standard 1945 5 Pesetas issue. The serial number 'H8856960' is clearly visible in red. No overprints, watermark variations, or printing errors are evident in the UNC specimen examined. This represents the standard Madrid printing of the 1945 issue without special series designation.