1 Peseta Benicarló

One of hundreds of local emergency issues that flooded Nationalist- and Republican-held territories alike during the Spanish Civil War, when the hoarding of metal coinage created an acute small-change crisis. Municipal councils across Spain were authorized — loosely, and often just by necessity — to print their own fractional notes. Benicarló, a small coastal town in Castellón province, fell under Republican control during this period.

The handstamp is the only security measure, which tells you everything about the circumstances of production. Forgery was a secondary concern when the issuing authority was a local council and the note might be invalid within months anyway.