1 Peseta Villanueva de Córdoba

Villanueva de Córdoba is a small municipality in the Sierra Morena foothills of northern Córdoba province. Like dozens of other Spanish towns during the Civil War, the local council issued emergency fractional currency when Republican-zone commerce ground to a halt after coins were hoarded or melted — the central government in Madrid was too distracted to address the shortage systematically, leaving municipalities to improvise on their own authority.

The sole security feature, an official stamp, was characteristic of these improvised emisiones locales: the stamp served as the authentication that printing technology could not provide.