1 Peseta Oliana

Oliana is a small municipality in the Alt Urgell comarca of Catalonia, and this note belongs to the enormous wave of locally issued emergency fractional currency that flooded the Republican zone from 1936 onward. The collapse of small coin circulation — driven by hoarding and the disruption of normal minting — forced hundreds of Catalan and other Republican municipalities to print their own paper to cover daily transactions. The Generalitat eventually tried to regulate and suppress these emissions, but enforcement was uneven and many localities continued issuing well into 1937.

Turró catalogues over two thousand distinct municipal issues from this period. That Oliana appears at all reflects necessity rather than any municipal banking ambition.