1 Peseta Pilar de la Horadada

Pilar de la Horadada is a small coastal municipality in the southernmost tip of Alicante province, and this note is a product of the Republican zone's near-total collapse of centralized monetary supply during the Civil War. By 1937, hundreds of Spanish towns — many far larger than Pilar — were issuing their own emergency paper simply because pesetas in coin and official notes had disappeared from circulation almost entirely, hoarded, melted, or requisitioned.

The issuing body, a Junta de Abastos, was a rationing and supply committee rather than any financial institution. That such bodies ended up functioning as de facto local banks of issue illustrates how completely monetary infrastructure had fractured. Catalogued under Gari Mon rather than the standard Civil War pick references, which places it among the rarer regional emissions documented primarily through Spanish specialist literature.