1 Peseta

Western Sahara has no functioning government with recognized monetary authority — it is a disputed territory administered largely by Morocco, with the Sahrawi Arab Democratic Republic claiming sovereignty but controlling only a thin strip near the Algerian border. This piece was issued by a private mint operating on that claim, with no monetary system behind it and no population using it as currency. Collector-targeted fantasy issues of this kind have multiplied since the 1990s, exploiting the legal ambiguity of unrecognized states.