1 Peseta Montornès; replica

Montornès del Vallès, like dozens of Catalan municipalities, issued small-denomination paper currency during the Civil War years when the Republic's coinage supply collapsed and local councils stepped in to fill the gap. This 2003 piece is a modern replica of one of those wartime emisiones municipales, produced by the Fábrica Nacional de Moneda y Timbre — the same state printing works responsible for Spain's official currency — lending it an unusual institutional credibility for what is essentially commemorative material.

The inclusion of a watermark on a replica is notable; most municipal commemoratives skip the security features entirely.