1 Peseta Setla y Mirarrosa

Setla y Mirarrosa is a tiny municipality in the Valencia region, and by 1937 it was doing what hundreds of similarly small Spanish Republican councils were forced to do: printing its own emergency scrip because the central government could not keep small-denomination coinage in circulation. Hoarding and metal requisitioning had gutted the fractional currency supply across the zone. Casa Ferrer in nearby Gandía served several local councils during this period, supplying locally produced emergency notes of varying quality.

The thumbprint security feature is the detail worth noting — a practical, low-tech authentication measure that reflects exactly how improvised these municipal emissions were.