5 pesetas 1948

Common. The eBay price tracking data shows consistent sales across multiple condition grades ranging from $1.75 to $32, with UNC specimens regularly achieving $15-32. The 2016 catalog value of $50 for UNC is notably higher than recent realized prices ($16-22 for high grades), indicating the note is readily available in the current market. Print run information and surviving quantities suggest this is a standard-issue note with no rarity premium.

Issued in 1948 by the Banco de España under the Franco regime, this note commemorates Juan Sebastián de Elcano, the 16th-century navigator who completed Magellan's circumnavigation expedition. The March 5, 1948 date places this issue during Spain's early postwar reconstruction period, when the country was rebuilding its financial institutions following the Spanish Civil War (1936-1939).

The obverse features an intricate intaglio-engraved portrait of Juan Sebastián de Elcano positioned at the left side, rendered with fine crosshatching and detail work characteristic of security printing. Elcano is depicted as a bearded Renaissance gentleman wearing period-appropriate headwear and clothing. The note incorporates decorative corner ornaments with scrollwork patterns and a heraldic coat of arms or emblem in the upper right. The reverse displays a prominent central oval or circular decorative medallion frame with blanc space, surrounded by intricate geometric background patterns in the typical Spanish banknote style of the era. Text is centered on the reverse with the serial number printed in contrasting red ink.

FRONT: 'BANCO DE ESPAÑA' (Bank of Spain), 'CINCO PESETAS' (Five Pesetas), 'DE CURSO LEGAL' (Of legal tender), 'Madrid 5 de Marzo de 1948' (Madrid 5 March 1948), 'EL GOBERNADOR' (The Governor), 'EL INTERVENTOR' (The Auditor), 'EL CAJERO' (The Cashier), 'JUAN SEBASTIÁN DE ELCANO' (Juan Sebastián de Elcano), 'POR ORDEN DE LA FÁBRICA NACIONAL DE MONEDA Y TIMBRE' (By order of the National Currency and Stamp Factory). BACK: 'BANCO DE ESPAÑA' (Bank of Spain), 'CINCO PESETAS' (Five Pesetas). Serial number J00721133 appears in red at top right and bottom left.

Intaglio (engraved) printing, the standard security printing method for this era. Produced by the Fábrica Nacional de Moneda y Timbre (National Currency and Stamp Factory) in Madrid, as indicated on the note itself. The fine crosshatching visible on the portrait, decorative border patterns, and overall print quality are consistent with professional intaglio production, a method that creates tactile relief and remains difficult to counterfeit.

This specimen carries serial number J00721133. The 'J' prefix is consistent with 1948 Spanish peseta issues. No known major varieties (such as signature variants, overprints, or printing errors) have been documented for Pick-136. The standard varieties for this issue relate to signature combinations of the Governor, Auditor, and Cashier, though these are not typically distinguished in collector catalogs as separate varieties.