1 Peseta Elche

Elche issued its own emergency paper money during the Civil War because the Republic's central supply of small-denomination coinage had essentially collapsed — silver and copper were being hoarded, melted, or redirected to the war effort, and towns were left to fend for themselves. The Consejo de Economía Local was the administrative body empowered under Republican wartime decrees to authorize and manage these local emissions.

La Gráfica was a local print shop, not a security printer. That matters: these notes were produced without sophisticated anti-counterfeiting measures, and the paper quality varied even within a single print run. The Gari Monetary catalogue reference 600-C suggests multiple variants exist for this series.