The Peseta and the Bank of Spain

Abstract

On 18 September 1868 a group of generals led by Francisco Serrano and Juan Prim rebelled against the government and the queen. In two weeks the queen had left the country and the rebels were in power, Serrano as premier, Prim as War Minister (they would become regent and premier respectively after a new constitution was approved). This was not one more pronunciamiento; it was considered by its planners, by its followers, and by most historians since then, a revolution; it is commonly called ‘the Glorious Revolution’, a sort of equivalent to the English revolution almost two centuries before. Unfortunately, the Spanish version was less successful, and after six years (Sexenio Democrático or Revolucionario) of kaleidoscopic governments, rebellions and wars, the formerly hated Bourbon dynasty was restored in the person of Alfonso XII, Isabel’s son.