0.25 Pesetas Bellver de Cerdanya

Bellver de Cerdanya is a small Pyrenean town in the comarca of Baixa Cerdanya, and like hundreds of Catalan municipalities during the Spanish Civil War, it issued its own fractional currency when the Republic's small-change shortage became acute after 1936. The hoarding of metal coinage had stripped local commerce of anything below one peseta, forcing town councils — ajuntaments — to print their own emergency notes under authority loosely granted by the Generalitat de Catalunya.

Turró catalogues over a thousand such local emissions. At 394, Bellver's issue sits deep in that count — one municipality among many, printing on whatever paper stock was available.