1 Peseta Fraga

Fraga is a small town on the Aragón-Catalonia border, and this note was issued by its local antifascist committee during the Spanish Civil War — one of hundreds of municipal emergency emissions that flooded the Republican zone after the July 1936 coup disrupted the national banking system. The Banco de España's branch network effectively collapsed in large parts of Republican territory, and coins vanished from circulation almost immediately as hoarding set in. Local committees filled the gap with whatever they could print or stamp.

The thick card stock was a practical choice under wartime conditions, not an aesthetic one — it wore better in daily exchange than thin paper and could be produced locally without specialist equipment.