1 Peseta Guadahortuna

Guadahortuna is a small municipality in Granada province, and this note is one of hundreds of emergency fractional issues that flooded Andalusia in 1936–1937 when Republican-controlled localities ran out of small change almost overnight. The central government's silver and copper coinage had effectively vanished from circulation — hoarded, melted, or trapped in Nationalist territory — leaving town councils scrambling to produce anything that could function as a peseta or less.

Local emergency paper of this type was rarely printed by professional firms. Guadahortuna's issues were produced in extremely limited quantities for purely local use, and survival rates are low precisely because nobody thought to preserve them.