1 Peseta Gayanes

Gayanes is a small municipality in the Comtat comarca of Valencia — population in the hundreds — and like dozens of similarly tiny Valencian and Catalan towns, it issued its own emergency paper money during the Spanish Civil War when the Republic's coinage supply collapsed after 1936. Copper and silver disappeared almost immediately into hoarding and melting, forcing local councils to print their own fractional substitutes. The Ayuntamiento Constitucional designation signals Republican administration.

At 62 × 43 mm, this is among the smallest circulating paper instruments ever issued under Spanish authority. Local emergency notes of this type were redeemable only within the issuing municipality, which sharply limited forgery incentive but also meant redemption collapsed the moment the town changed hands.