1 Peseta Bailén

Bailén's municipal council issued emergency small-change notes during the Spanish Civil War, when Republican-controlled municipalities across Andalusia faced an acute shortage of fractional currency after hoarding stripped coins from circulation almost overnight. These local emissions were authorized under a 1936 decree permitting ayuntamientos and other local bodies to print their own scrip — an arrangement that produced hundreds of distinct issuers, most operating with rudimentary materials.

The validation stamp was the primary safeguard against counterfeiting, a low bar given the production quality. Bailén itself carries some irony: the town famous for the 1808 defeat of Napoleonic forces ended up issuing paper whose legitimacy depended on an ink stamp.