Description and research notes
A true Pick S451s specimen: the complete, original full-sheet specimen of the Banco de Zaragoza 100 reales vellón, dated 1 May 1857, Serie A, serial number 23327. This survival preserves all components of the printer's plate layout exactly as produced: the upper header panel used for alignment and plate control, the left talón for internal audit numbering, and the finished banknote plate. Specimens of type S451s are extremely rare in any form; full sheets retaining both header and talón are almost never encountered.
Founded in 1857 under the banking reforms introduced by the Law of January 28, 1856, the Banco de Zaragoza was one of several short-lived provincial issuing banks authorized to produce their own currency. The bank adopted a strict denomination-to-series structure: Serie A = 100 reales, Serie B = 200 reales, Serie C = 500 reales, Serie D = 1000 reales, Serie E = 2000 reales, Serie F = 4000 reales. Operating only until its absorption into the Banco de España in 1874, the bank issued comparatively small volumes, and most circulating notes were redeemed and destroyed during the centralisation of Spanish monetary issuance.
Pick S451s denotes the official specimen variety of the 1857 issue, distinct from issued notes (S451b) and remainders (S451r). The engraving shows the formal Madrid-school style of the 1850s, with a large Spanish coat of arms, detailed acanthus ornamentation, and a typographic promise payable in Zaragoza. The talón repeats the serial number 23327, confirming original internal pairing.
Rarity is at the highest level. Importantly, PMG census data for the base Pick S451 grouping cannot be used to measure rarity for Zaragoza, because PMG aggregates multiple unrelated banks under the same base number (Barcelona, Cádiz, Valencia, Madrid, Pamplona, and others). Full-sheet S451s specimens for Banco de Zaragoza are not recorded by PMG at all. This example appears to be unique or one of very few survivors of its type, placing it firmly in the R8+ category.
This specimen forms a matched pair with the issued Serie A banknote No. 23322 (Pick S451b) also held in the collection (see item 'spain-1857-banco-de-zaragoza-100-reales-serie-a-23322-issued-note'), together documenting both the specimen and circulation forms of the 1857 Zaragoza emission.