50 pesetas 1935

Common. While this is a desirable historical note from the Spanish Republic period, the denomination and print run were substantial. eBay market data shows consistent sales across multiple condition grades, with EF examples selling between $10-$15 in recent years (2015-2019 range), and more recent sales of lower-grade examples in the $11-$45 range. UNC examples command $37-$45, placing this firmly in the common category. The note is readily available to collectors at modest price points, indicating robust supply in the market.

This note was issued during the Second Spanish Republic (1931-1939), a period of significant political and social change in Spain. The selection of Santiago Ramón y Cajal—Spain's most celebrated neuroscientist and 1906 Nobel Prize winner—as the obverse portrait reflects the Republic's emphasis on intellectual achievement and national pride in scientific advancement. The classical funeral monument depicted on the reverse (with Latin inscriptions 'FONS MORTIS' and 'CAUSA') serves as a memorial honoring Cajal's contributions to Spanish science and culture.

The obverse features a formal, classical design centering on an ornate circular rosette medallion containing the denomination '50' in gold and black. To the right is a finely engraved black and white portrait of Santiago Ramón y Cajal in profile, identifiable by his distinctive full beard and round spectacles. Flanking the central composition are two classical female allegorical figures in draped clothing: the left figure holds a staff suggesting authority or knowledge, while the right figure wears an ornate headdress. The Spanish coat of arms is positioned at the top center. Ornate geometric border patterns in purple and gold frame the entire design. The reverse depicts the Cajal Monument located in Parque del Buen Retiro, Madrid—a classical funeral monument or cenotaph rendered in blue engraving with relief sculptural panels. The monument is set within a wooded landscape with trees flanking the structure and a water feature (pool) in the foreground. A large oval blank area on the right side of the reverse may serve as a watermark viewing region or reserved security feature space.

FRONT SIDE: 'EL BANCO DE ESPAÑA' (The Bank of Spain) at top; 'CINCUENTA PESETAS' (Fifty Pesetas); 'PAGARÁ AL PORTADOR' (Will pay to bearer); 'MADRID, 22 de Julio de 1935' (Madrid, July 22, 1935); 'EL INTERVENTOR' (The Auditor), 'EL GOBERNADOR' (The Governor), 'EL CAJERO' (The Cashier) indicating three signing authorities; 'SANTIAGO RAMON' identifying the portrait subject; 'THOMAS DE LA RUE & CO. LTD. LONDRES INGLATERRA' (Thomas De La Rue & Co. Ltd. London England) identifying the printer; Serial number '5948049'. BACK SIDE: 'BANCO DE ESPAÑA' (Bank of Spain); '50 PESETAS' (50 Pesetas); 'FONS MORTIS' (Fountain of Death/Source of Death, Latin); 'CAUSA' (Cause, Latin); Serial number repetitions '5948049'.

Intaglio engraving (recess printing) executed by Thomas de la Rue & Co., Ltd., the renowned London security printer. The note exhibits characteristic fine line work, guilloche patterns in the circular medallion, and detailed portrait engraving. The multicolor underprinting technique is evident from the layered purple, gold, and black tones on the obverse, with blue dominating the reverse. The exceptional sharpness and crisp detail throughout indicate master-quality engraved plates and skilled printing execution typical of TDLR's high-security currency work.

Pick P-88 represents the standard 1935 issue dated 22 July 1935. The observed serial number '5948049' appears in standard red printing. Varieties for this issue may include different signature combinations (the three signing officials: Governor, Auditor, and Cashier) and serial number prefixes, which are typical for Spanish banknote varieties of this period. However, without additional known varieties formally catalogued for P-88, this appears to be a standard printing of the primary type. Collectors should note that examples may exist with different signature combinations reflecting different issuing authorities during 1935-1939.