1 Peseta Velilla de Ebro

Velilla de Ebro is a small Aragonese municipality on the Ebro, and like hundreds of other Spanish towns it issued its own fractional paper currency during the Civil War after the Republic's small coinage essentially vanished from circulation — hoarded, melted, or simply unavailable in rural areas. These municipal emergency issues were a practical stop-gap, not a monetary policy decision from Madrid.

The Gari Mon catalogue documents thousands of such local issues; the 1541-C reference places this among the better-catalogued Aragonese pieces, though survival rates for Velilla's notes are low given the town's size and the chaos of the Aragon front in 1937.