0.50 Francos

Tánger's wartime municipal scrip exists because the International Zone of Tangier had its peculiar administration suspended in June 1940 when Spain moved in and took unilateral control of the city — a fait accompli the other zone powers were in no position to contest. Small-denomination fractional notes became a practical necessity almost immediately, as metal coinage disappeared into hoarding and the normal banking channels were severely disrupted.

The Servicios Municipales issued these notes on municipal authority alone, without backing from any central bank. The series is thinly documented, and surviving examples in any grade are rarely encountered outside Iberian collections.