1 Peseta Penáguila

Penáguila is a small inland municipality in Alicante province, and like hundreds of similar towns during the Spanish Civil War, its municipal council issued emergency fractional currency when Republican-zone coinage effectively vanished from circulation — hoarded, melted, or simply absent. These local emissions, generically termed "billetes municipales de necesidad," were produced ad hoc, usually without professional printing facilities, and Penáguila's series reflects exactly that improvised origin.

The sole security measure is an official stamp — the council seal applied by hand, which varied in placement and ink density from note to note. Gari catalogues this as the B variant, implying at least one distinct issue type for this denomination.