1 Peseta Valdepeñas

Valdepeñas issued its own emergency fractional currency during the Spanish Civil War, when the Republic's central government couldn't reliably supply small-denomination coinage to municipalities across the country. Local councils — consejos municipales — were effectively authorized to fill the gap themselves, producing notes that rarely traveled beyond the town that printed them. This one was printed locally by Félix Martínez, a lithographic firm operating within the same town that issued it, an arrangement more common in La Mancha than in larger urban centers with access to established security printers.

Survival rates for these municipal emissions vary sharply by locality. Valdepeñas examples turn up with some regularity, likely because the town's wine trade kept a degree of commercial activity running longer than in more contested areas.