1 Peseta Malgrat

Malgrat de Mar, a small coastal town north of Barcelona, issued its own fractional currency during the Civil War as the Republican monetary system fragmented and small change effectively vanished from circulation. These local municipal notes — known collectively as moneda local or paper de guerra — were produced by hundreds of Catalan municipalities between 1936 and 1939, each essentially operating its own micro-treasury out of necessity.

Turró's catalog documents over 2,400 such emissions from across Catalonia. The Malgrat series is among the more obscure entries, and surviving examples in any condition are infrequently traded.