1 Peseta Caldes de Montbui

Caldes de Montbui is a small spa town north of Barcelona, and like hundreds of Catalan municipalities during the Spanish Civil War, its local government issued emergency small-change notes — *moneda municipal* — to fill the vacuum left by hoarded metal coin. The Republican government in Madrid officially tolerated but never fully sanctioned this wave of local emissions; the notes had no standing beyond the issuing town's own boundaries.

Turró catalogues over a thousand such emissions from across Catalonia. Most were produced by local printers on whatever stock was available, which is why paper quality varies so dramatically within any given series. Few circulated for more than a year before the Nationalist advance rendered them worthless.