0.50 Pesetas Almódovar del Campo

A genuine oddity of the Spanish Civil War's localized monetary collapse: this note was issued not by a municipality or savings institution but by a flour mill and bakery cooperative — the Electro-Harinera-Panificadora — operating in a small Ciudad Real town of perhaps a few thousand inhabitants. When the Republic's small-change supply evaporated after 1936, commercial enterprises across Spain improvised their own fractional scrip. A mill issuing bread vouchers that functioned as money is about as close to commodity-backed currency as the period produced.

The 50×32mm format is among the smallest produced during the war's local emergency issues.