1 Peseta Ricote

Ricote is a small village in the Segura River valley of Murcia, and like hundreds of other Republican-held municipalities in 1937, it issued its own emergency fractional currency when the Civil War severed reliable coin supply from Madrid. These local "billetes municipales" were a practical stopgap — the national government had essentially lost control of small-denomination circulation, and commerce needed something. The Ayuntamiento filled that vacuum with whatever printing resources it had locally.

The validation stamp is the only security measure, which tells you everything about the intended scope: notes like this circulated within the village and nowhere else.