History in stamping
The arrival of the Euro put an end to part of the history of paper money, the era of the peseta, centuries of legend written and stamped on the banknotes throughout innumerable chapters in the history of Spain.
First issue
The first issue of paper money in pesetas was made in July 1874 coinciding with the concession granted to the Bank of Spain for the sole right to issue banknotes. Once this first step had been taken, the volume of banknotes would grow unceasingly as a reflection of the economic growth of the country. Except for the Civil War period, marked by problems of shortages and the emergence of every kind of means of payment, banknote issues have kept up a steady growth rate in keeping with the economy of the country. The banknote has come to form part of the daily life of Spain's general public, and is looked upon as a mark of national identity.
Manufacturers
The first issue, printed by the FNMT-RCM, was on October 21, 1940. Until that time the workshops of the Bank of Spain and different British, American and German companies had been entrusted with the manufacture of Spain's paper money.
Since 1941 the FNMT-RCM has exercised its sole right to manufacture Spanish paper currency. Since January 2002 the future of the FNMT-RCM is taking shape within a framework of close collaboration between the corporation and the European Central Bank in addition to other European manufacturers.
Technique and security
Historically, intaglio printing has been the most difficult to forge. This technique is used to print the main vignette and the ornamental borders. The remaining parts of the banknote are letterpress and offset printed. The methods used for reproducing the original engraving have been perfected over the years, but the figure of the engraver continues to be crucial.
Other elements such as the watermark, inks, fibres, threads and filaments are added to reinforce the security of the banknote.
Iconography
Each banknote was designed with the intention of paying tribute to a significant event, a celebrity, or a magnificent work of art. From monarchs, painters, writers and scientists, to monuments, literary passages, or events such as the Discovery of America have had their place on the obverses and reverses of banknotes, a true reflection of the feeling, the culture and the artistic expression of the country.
