1 Peseta Alcoy

During the Spanish Civil War, the near-total collapse of small change in Republican-held territory forced factories, municipalities, and collectives to print their own emergency currency. Industrias Metalúrgicas Alcoyanas Socializadas — the socialized metalworking collective of Alcoy — issued this note under the anarcho-syndicalist economic reorganization that had taken hold across much of the Valencian interior after July 1936. These were not bank notes in any conventional sense; they functioned as internal scrip, accepted within a specific productive unit or locality and worthless outside it.

The dry embossed seal was the collective's primary authentication method — cheap to apply, difficult to fake with local means. The absence of a Gari catalogue number suggests this piece remains inadequately documented in the specialist literature on Spanish Civil War local issues, which is itself an argument for careful provenance recording.