1 Peseta Benifallim

Benifallim is a village in the Alicante province of Valencia with a population that barely exceeded a few hundred during the Civil War years. Like dozens of similarly small Republican municipalities, the local council issued emergency paper fractional currency in 1937 when metallic coin effectively vanished from circulation — hoarded, melted, or simply absent from rural economies increasingly cut off from Barcelona and Madrid. These hyper-local emissions were legal under the Republican government's tolerant stance toward municipal necessity, not any formal monetary authority.

At 55 × 41 mm, the physical object is tiny even by the standards of the genre. Survival rates for Benifallim issues are low — small councils printed small quantities, and few bothered to preserve what was essentially improvised scrip.