1 Peseta Villanueva de la Serena

Villanueva de la Serena, a small Extremaduran town on the Republican side of the front, issued its own fractional paper currency in 1937 as the civil war severed normal coin supply chains. Municipal emergency notes of this type were authorized under the Republic's 1937 decree permitting local authorities to issue low-denomination scrip to prevent economic paralysis — small change had essentially vanished from circulation across Republican-held Spain by mid-war.

The Gari Monetary catalog classification confirms this as the third subtype in the series, suggesting at least minor variant issues exist under the same authorization.