1 Peseta Caravaca

Caravaca de la Cruz, a town in Murcia best known as one of the five Holy Cities of Catholicism, issued its own emergency fractional currency during the Spanish Civil War — one of hundreds of municipalities that did so after the Republican government's 1936 decree authorizing local bodies to produce small-denomination notes to address the near-total disappearance of coin from circulation. These issues were locally designed, locally printed in tiny quantities, and intended for purely municipal use.

Survival rates vary wildly across the Spanish municipal series. Caravaca examples turn up infrequently, which reflects both the small print run and the disruption of the war's final phase in the region.