1 Peseta Jarafuel

Jarafuel is a small agricultural municipality in Valencia's interior — population a few hundred even in the 1930s — which makes this emission one of the more obscure survivals of Spain's Civil War local currency phenomenon. When the Republic's central monetary supply collapsed in the early conflict years, thousands of municipalities issued their own paper, ranging from rudimentary cardboard slips to reasonably sophisticated printed notes. Jarafuel's fell firmly in the cardboard-slip category.

The thick stock was almost certainly a practical necessity: proper banknote paper was unavailable outside major printing centers, and local authorities used whatever was at hand. At 1 peseta, this covered basic daily transactions in a village economy running largely on barter and improvisation by 1937.