1 Peseta Pozuelo de Calatrava

Pozuelo de Calatrava is a small municipality in Ciudad Real province, and this note is one of hundreds of hyperlocal emergency issues that flooded Republican-held Spain during the Civil War after the government's Decree of 1936 effectively authorized municipal councils to print their own fractional currency. The chronic shortage of small coin — hoarded almost immediately once fighting began — forced even villages with no banking infrastructure to produce their own substitutes.

Thick card stock was common in these issues precisely because it survived brief, intensive local circulation better than standard banknote paper. Most were redeemable only within the issuing municipality, which kept survival rates low.