1 Peseta Belmonte

Issued by the municipality of Belmonte in Cuenca province, this cardboard emergency piece belongs to the wave of locally produced fractional currency that flooded Republican-held Spain after July 1936, when hoarding and the collapse of normal supply chains starved towns of small change almost overnight. The central government's response was slow and uneven, leaving hundreds of ayuntamientos to print or stamp their own solutions.

Belmonte is better known as the birthplace of the humanist Fray Luis de León than for its monetary history. The Gari Mon#259-B reference places this within a well-documented but condition-sensitive series — cardboard degrades, and genuinely uncirculated examples are rare.