1 Peseta Santa Cruz de Mudela

Santa Cruz de Mudela is a small municipality in the province of Ciudad Real, and like hundreds of Spanish towns it issued its own emergency paper currency during the Civil War after the Republic's central government lost effective control over coin supply. The hoarding of metallic currency — driven by wartime panic — left local economies essentially without small change by mid-1937, forcing municipal councils to print their own substitutes. These locally issued vales or billetes de necesidad were typically produced under improvised conditions, often by local printers with no banknote experience.

The Gari Morancho reference confirms authentication within the specialized Civil War municipal issues corpus, a catalogue covering thousands of such pieces from Nationalist and Republican zones alike.