1 Peseta Benegida

Benegida is a tiny municipality in the Valencia region, and this note is a product of the fractional currency crisis that swept Republican-controlled Spain from 1936 onward. The withdrawal of metallic coinage from circulation — hoarded, melted, or simply disrupted by wartime logistics — forced hundreds of local councils to print their own low-denomination substitutes. Benegida's population at the time was well under a thousand. That a village of that size was issuing its own monetary instruments tells you more about the collapse of normal supply chains than any broader account could.