1 Peseta Alfambra

Alfambra is a small municipality in the province of Teruel, Aragon — deep Republican territory during the Spanish Civil War and the site of one of the more brutal winter battles in early 1938. This note predates that campaign. Local collectives across Republican Spain issued their own paper scrip throughout 1936–37 as the central banking system fractured and coin disappeared from circulation, hoarded or melted. The Colectividad de Alfambra was almost certainly an agrarian collective operating under CNT or UGT influence, though the precise affiliation is not always documented for villages of this size.

These municipal and collective emissions are among the most ephemeral paper money Spain ever produced — printed in tiny quantities, valid only within a single community, and largely destroyed or lost when Nationalist forces took the region.