1 Peseta Carrión de Calatrava

Carrión de Calatrava is a small municipality in Ciudad Real province, and like hundreds of Spanish towns during the Civil War, its municipal council issued its own emergency fractional currency in 1937 when Republican-zone coinage effectively vanished from circulation. These local issues — sometimes printed on whatever card stock was available — were authorised under the chaotic patchwork of Republican emergency monetary decrees, with no central oversight of design or production quality.

The handstamp is the only security measure, applied to authenticate individual notes after printing. On pieces this small and crudely produced, ink bleed and misaligned stamps are common enough to be considered normal rather than defective.