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In the central decades of the 19th century, Spain developed a banking system based on plurality of issuance. Various banks were authorized by the state to circulate their banknotes in their respective provinces. This process gave rise to a mosaic of issuing banks. Their existence facilitated the acceptance of banknotes, at the same time as these banks provided means of payment in the territories in which they operated. The effects were important both for the spread of the banknote and for the economy. This paper summarizes the Spanish issuing experience, which was affected by the crisis of 1866 and ended in 1874 with the issuing monopoly in the hands of the Banco de España. [ABSTRACT FROM AUTHOR]

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