1 Peseta Sagunto; replica

Sagunto, Valencia, was among hundreds of Spanish municipalities that issued emergency paper money during the Civil War — local currency to keep commerce functioning when coin disappeared almost entirely from circulation. The originals from that period are legitimate numismatic artifacts of a chaotic monetary improvisation. This 2003 piece is an authorized replica produced by the FNMT, Spain's national security printer, most likely for a commemorative or cultural purpose rather than any monetary function.

The watermark is a curious inclusion — a security feature on a note never intended to deceive, presumably carried over to lend the replica production values consistent with the FNMT's standard output.