1 Peseta Villaralto

Villaralto is a small municipality in the Sierra Morena foothills of Córdoba province, and this 1 Peseta note is a product of the Spanish Civil War emergency currency phenomenon — the wave of locally issued cartones and vales that flooded Nationalist and Republican zones alike from 1936 onward when the central government could not guarantee coin supply. Fractional coinage effectively vanished from circulation as hoarding stripped it from commerce, and hundreds of municipal councils across Spain improvised their own substitutes.

The thick card format was the practical solution: small printing runs, minimal equipment, just enough authority from an official stamp to make it pass at the local market.