1 Peseta Pinoso

Pinoso is a small wine-producing municipality in the Vinalopó Mitjà comarca of Alicante province. Like hundreds of other Republican-held towns during the Civil War, it issued its own emergency paper currency in 1937 when the central government's coin supply had effectively collapsed — hoarding and melting of silver and copper left ordinary commerce nearly impossible. These local emissions, called "moneda municipal de necesidad," were authorized under Republican decree but executed with wildly varying quality and oversight from one town to the next.

The official stamp is the sole security feature, which tells you everything about how these were produced and trusted: locally, informally, and of necessity.