0.50 Pesetas Villarroya de los Pinares

Villarroya de los Pinares is a small municipality in Teruel, Aragón, and this half-peseta emergency note belongs to the vast wave of locally issued cartones and paper fractional currency that flooded Spain during the Civil War after metallic coin disappeared from circulation almost entirely by mid-1937. With the Republican government unable to supply sufficient small change to towns far from major distribution centers, hundreds of municipalities — including ones as minor as this — printed or rubber-stamped their own fractional notes under varying degrees of official sanction.

Gari's cataloguing of this piece as Mon#1626-A suggests at least one variant exists. Population of the issuing municipality at the time was well under a thousand.