1 Peseta Alcorisa

Alcorisa is a small municipality in Teruel province, Aragon — an area that saw some of the heaviest fighting and most acute monetary disruption of the Spanish Civil War. When the Republican banking system collapsed at the local level in 1937, hundreds of municipalities and collectives across the loyalist zone issued their own emergency paper. The Alianza Republicana de Alcorisa was one of them. These hyper-local emissions were technically illegal under Republican treasury regulations but were tolerated out of necessity.

Survival rates for Teruel municipal issues are erratic. The province changed hands violently during the Battle of Teruel in late 1937–38, and many local records — along with unissued stocks — were destroyed in the process.