1 Peseta Graus

Graus is a small municipality in the Aragonese Pyrenees, and like hundreds of Spanish towns it was forced to print its own emergency paper money during the Civil War after the Republican government's acute shortage of small-denomination coinage left everyday commerce paralyzed. These locally issued billetes de necesidad were authorized under a 1936 decree permitting municipal and commercial entities to issue fractional currency — a practical concession to economic collapse rather than any assertion of local financial independence.

The Gari Montserrat reference places this within the well-documented Aragonese municipal series, though surviving examples from Graus itself are scarcer than those from larger Aragonese towns. The region fell to Nationalist forces in 1938, after which all Republican-era local scrip was rendered worthless.