1 Peseta Villanueva de la Serena

Villanueva de la Serena is a small town in Extremadura, and like dozens of Spanish municipalities in 1937, it issued its own emergency fractional currency after the Civil War disrupted the supply of small-denomination coinage controlled by the Republican government. These local issues — collectively called "billetes locales de necesidad" — were technically illegal under Republican monetary regulations but were tolerated out of practical necessity. The signature of the alcalde, J. Hidalgo, marks this as a civic instrument backed by nothing more than municipal authority and local trust.