1 Peseta Puzol

Puzol is a small municipality on the Valencia coast, and like hundreds of other Republican-controlled towns during the Civil War, it issued its own emergency fractional currency in 1937 when the central government's coinage effectively vanished from circulation — hoarded, melted, or simply unavailable at the local level. These municipal notes, collectively known as billetes locales or moneda de necesidad, were technically illegal under Republican monetary law but tolerated out of necessity.

The heavy card stock was a practical choice: thin paper wore out fast in daily market use, and these notes were meant to handle small transactions — bread, produce, transit fares — until proper coinage returned. It never really did.