1 Peseta Villanueva de Alcardete

Villanueva de Alcardete is a small municipality in Toledo province, and like hundreds of other Spanish towns during the Civil War, its ayuntamiento issued emergency fractional currency in 1937 to address a near-total collapse of small-change circulation. Republican-zone towns did this under varying degrees of formal authorization — some issued notes with Generalitat or government backing, others acted largely on their own initiative, stamping whatever cardstock was at hand with a municipal seal and hoping the local economy would accept it.

The official stamp is the primary anti-counterfeiting measure, which tells you everything about the circumstances of production. These municipally-issued pieces were inherently local instruments, often worthless beyond the issuing town's own market.