1 Peseta Almadén

Almadén, in Ciudad Real province, was home to the world's largest mercury mine — a site of strategic importance during the Civil War. The Republican-controlled town issued its own emergency paper in 1937, as the breakdown of small-denomination coinage forced hundreds of Spanish municipalities to print local scrip. These consejo municipal issues had no validity beyond the issuing locality, which meant their survival depended entirely on whether the town remained under Republican control long enough for orderly redemption.

Almadén fell to Nationalist forces in 1938. Notes in circulation at that point became worthless overnight.