Spain. Bank of Spain. 1925-1930 Issues. Date: 12.05.1927. Dimensions: 131 x 91 mm. Material: paper. Watermark: head of woman in profile wearing a crown. Printer: Bradbury Wilkinson & Company, New Malden, Surrey. No security thread. Put into circulation: 00.08.1929. Polychrome front and back printing, predominantly blue, purple, red, yellow and orange. Texts in Spanish. Description of the front: frame composed of guilloche patterns with the value "50" in the corners. In the center at the top, the issuing institute "EL BANCO DE ESPAÑA". Below, the words "Pagará al portador (will pay to the bearer)", the value in letters "CINCUENTA PESETAS" and the banknote number in black. In the middle, the place, the date of issue and the signatures. A single combination of signatures with El Gobernador (The Governor), El Interventor (The Comptroller) and El Cajero (The Cashier). On the left in an oval medallion, a portrait of King Alfonso XIII with a view of the Palacio Real (Royal Palace) in Madrid. Description of the back: Yellow and blue. Frame composed of repeating floral patterns. On the left, the watermark and in the center, the "Foundation of Buenos Aires by Don Juan de Garay", after a painting by José Moreno Carbonero. Texts in Spanish. The numbering is repeated in red in the margin at the corners. The specimen is known to be perforated "CANCELLED" or "SPECIMEN" horizontally. 10,000,000 issued notes. It is the first Spanish banknote to represent a reigning monarch.