1 Peseta Caudiel

Caudiel is a small municipality in the province of Castellón, and like hundreds of Spanish towns during the Civil War, it resolved the acute shortage of small-denomination coinage by issuing its own emergency scrip. This note was produced under the authority of the local CNT cooperative — the anarcho-syndicalist trade union that effectively administered many Aragonese and Valencian communities after the Republican collapse of central authority in 1936. The CNT-issued local currencies were inherently temporary, redeemable only within the issuing locality and valid only as long as that political arrangement held.

The thick card stock construction was typical of these inland Valencian emisiones locales, where proper banknote paper was simply unavailable.