1 Peseta Estercuel

Estercuel is a tiny Aragonese village — population never exceeded a few hundred — yet like dozens of similarly small Republican municipalities during the Civil War, it issued its own emergency paper currency when coin disappeared from circulation entirely in 1936–37. The hoarding of metal, combined with Republican requisitioning of silver and copper for the war effort, left local economies functionally stranded without small change. Municipal councils stepped in with locally printed or handstamped paper fractional notes, often in runs of a few hundred pieces.

Gari's monograph documents over 1,500 such issuers from Aragón alone. Survival rates for Estercuel emissions are low — the village was taken by Nationalist forces during the Aragón offensive of August 1938.