1 Peseta Villacarrillo

During the Spanish Civil War, the Republican government's inability to maintain a stable small-denomination coinage supply forced hundreds of municipalities to print their own emergency fractional currency — locally known as "billetes locales" or "papel moneda municipal." Villacarrillo, a modest olive-farming town in the province of Jaén, was among the many Andalusian municipalities that issued their own 1 peseta notes under this necessity, backed by nothing more than the town council's authority and whatever paper was available.

These municipal issues were strictly local in acceptance and were typically demonetized or simply abandoned as the war's front lines shifted. Survival rates vary enormously by town — some issues are genuinely scarce, others surprisingly common given their origins.