1 Peseta Miguel Esteban

Miguel Esteban is a small agricultural municipality in the La Mancha plain of Toledo province, and its ayuntamiento — like hundreds of other Spanish town councils — issued emergency fractional paper money during the Civil War after the Republic's coinage disappeared from circulation almost immediately following the July 1936 coup. These local emissions were a purely practical response to the collapse of small-denomination metal currency, not any kind of formal monetary policy from Madrid.

The Gari Monovar catalogue reference places this among the documented Castilla-La Mancha municipals, but surviving examples from villages of this size are genuinely uncommon — production runs were small, quality control nonexistent, and most notes were redeemed or discarded once the crisis passed.