1 Peseta Villanueva de Castellón

Villanueva de Castellón is a small agricultural municipality in Valencia, and like hundreds of similar towns across Republican Spain, it issued its own emergency fractional currency in 1937 when the coinage shortage became acute. The central government had lost effective control of the money supply at the local level, and municipal councils — often run by anarchist or socialist committees — simply printed what they needed. Thousands of these local issues exist; the vast majority circulated only within the issuing municipality and were never redeemed.

The thick card stock was a practical choice, not an aesthetic one — flimsy paper wore out quickly at low denominations handled constantly in daily market transactions.