three different types of stamps are on display in a display case
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2780 - MOROCCO 25 pesetas ‘Alhambra’ type, overprinted ‘GALACHO’ – …
See original version (French)

Estimate €2,500
Sale commission
Description
MOROCCO 25 pesetas ‘Alhambra’ type, overprinted ‘GALACHO’ – Bank of Spain (Banco de España), 15 July 1907 (1908–1925). P.62a - K.570. Top Pop: this is the only graded specimen! It is the specimen featured in the book on Spanish banknotes (Enciclopedia de billetes de España, Filabo Editions, p. 633)! Printed by Bradbury Wilkinson & Company. Black and multicolour printing. Embossed seal reading “COMANDANCIA” and “GALACHO” printed in purple on the front. PCGS Banknote 15 Choice Fine (50696493). Extremely rare. Creases and signs of circulation. Very Good. The Rif War broke out in 1921, when Spanish troops were defeated and massacred by Rif militias at the Battle of Anoual. From that point on, the Spanish and French authorities devised a joint strategy against Abdelkrim Al-Khattabi, the leader of the Rif people. A skilful tactician and excellent organiser, Abdelkrim sought to establish himself as sultan and to proclaim an independent Rif Republic. He then launched a fierce military campaign against the Spanish, aimed at demonstrating the military strength of the Rif people, whilst deliberately avoiding attacks on the main Spanish strongholds, such as Melilla, Ceuta and Tetouan. Between 1921 and 1925, Abdelkrim amassed a significant quantity of Spanish banknotes following the defeats inflicted on Spanish troops. He used these funds to purchase weapons from French smugglers based in northern Morocco. To counter this growing threat, the Spanish government attempted to restrict the validity of all banknotes issued in 1906 and 1907 by overprinting them with the names of specific towns (Ceuta, Galacho, Tetouan, Larache, etc.) where they were exclusively legal tender. In an attempt to circumvent these restrictions, Abdelkrim decided to print his own 1-rifan and 5-rifan banknotes, backed by handcrafted gold and silver ingots, as he was unable to secure support from European financial circles. However, this project came to nothing with the mysterious disappearance of the shipment of printed banknotes off the southern coast of Spain. This is why the Rif leader was forced to continue using Spanish paper money whilst attempting to forge the official restrictive stamp. This forced the Castilian government to introduce a dry seal that was more difficult to imitate, bearing the word “COMANDANCIA” and a date of issue.
See original version (French)
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About the sale A selection of banknotes from France and around the world
Auction location
Auction time 09/06/2026 at 9:00 AM
Pictures credits: Contact the Auction House
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