1 Peseta Pego

Pego is a small inland municipality in the province of Alicante, and like dozens of Valencian towns during the Spanish Civil War, it issued its own emergency fractional currency when the Republican government's coin supply collapsed. These municipally-issued notes — collectively known as "billetes locales" — were an improvised fix, authorized under a 1936 Republican decree permitting local authorities to print low-denomination scrip to keep daily commerce moving.

The Gari Montaner catalogue remains the authoritative reference for this material, and the relatively high catalog number reflects just how many competing local issuers there were across Republican-held Spain. Most of these notes were redeemed or destroyed when central authorities attempted to rationalize the currency in 1938.