1 Peseta Valdealgorfa

Valdealgorfa is a small agricultural municipality in Teruel, Aragon — deep in Republican-held territory during the Civil War. Like hundreds of Aragonese villages, it issued its own fractional paper money in 1937 after the withdrawal of silver coinage and the near-total collapse of small-change supply. These municipal emergency emissions were technically illegal under Republican treasury regulations but were tolerated out of necessity; the central government simply could not solve the small denomination problem fast enough.

Teruel province notes are among the harder Civil War locales to source, given the brutal fighting that devastated the region in the winter of 1937–38.