1 Peseta Cox

Cox is a small municipality in the Vega Baja del Segura, Alicante province. This note was issued by the local ayuntamiento during the Spanish Civil War under the emergency currency decrees that permitted Republican municipalities to produce their own small-denomination paper to address the near-total disappearance of coins from circulation — hoarded, melted, or simply never restocked as the war disrupted supply chains from Madrid.

Municipal issues from villages this size were produced in tiny quantities, often on whatever paper stock was locally available, and distributed almost exclusively within the issuing township. Very few made it out of circulation intact.