0.50 Pesetas Alacón

Alacón is a tiny Aragonese village — population well under a thousand even in the 1930s — and its municipal emergency notes were issued during the acute small-change crisis that paralyzed Republican-held Spain in 1937. With silver coinage hoarded and Madrid unable to supply adequate fractional currency to the provinces, hundreds of Spanish municipalities printed their own scrip. Alacón's issue is among the most obscure of these, catalogued under Gari Mon rather than the better-known Lleida or Barcelona municipal series.

The extreme scarcity of surviving examples almost certainly reflects both limited original print runs and low survival rates in a region that saw heavy Nationalist advances through Aragon in 1938.