1 Peseta Pueblanueva

Pueblanueva is a small municipality in the province of Toledo, and like hundreds of Spanish towns during the Civil War, its ayuntamiento issued fractional paper currency in 1937 to compensate for the near-total disappearance of metallic coinage from circulation. Republican-zone authorities had effectively hoarded or melted silver and copper, leaving rural communities without the small change needed for daily commerce. Local emergency notes — cartones or billetes municipales — filled that gap, authorized under a 1936 Republican government decree that gave municipalities limited issuing rights.

Survival rates for these hyper-local issues vary enormously. Many were redeemed and destroyed once the war ended; others simply disintegrated in poor storage conditions.