1 Peseta Elda

Elda, an espadrille and shoe manufacturing town in Alicante province, was one of hundreds of Spanish municipalities forced to issue emergency fractional currency during the Civil War after the Republic's small-denomination coinage effectively vanished from circulation — hoarded, melted, or simply absorbed by wartime chaos. These local issues, collectively known as "moneda municipal" or "billetes locales," were authorized under Republican decree but designed and printed at the municipality's own expense and discretion, which explains the enormous variation in quality across the series.

Gari Mon 601-B indicates a second type within the Elda issue, suggesting at least one earlier variant exists for this denomination.