1 Peseta Fayón

Fayón is a small municipality in Zaragoza province that found itself deep inside Republican-held territory during the Aragon front campaigns of 1937–38. Like dozens of Aragonese towns, its local council issued emergency paper scrip — "papel moneda local" — to address the near-total disappearance of small metallic coinage, which had been hoarded, melted, or simply lost to the disruption of war. These municipal emissions were technically unauthorized by the Republican treasury but were tolerated out of necessity.

The Gari Montserrat census remains the primary reference for Aragonese local issues, many of which survive in tiny quantities simply because the towns themselves were so small.