1 Peseta Zalamea de la Serena

Zalamea de la Serena is a small municipality in Badajoz province, Extremadura — Republican-held territory during much of the early Civil War period. Like hundreds of Spanish towns cut off from reliable coin supply after July 1936, the local municipal council exercised emergency authority to issue its own fractional paper money. These municipal vales were a direct response to the near-total disappearance of metallic currency from circulation, hoarded by a population that trusted metal over paper in wartime.

Provincial and municipal issues from this period vary enormously in survival rates. Many were redeemed or simply discarded after the Nationalist advance through Extremadura in 1938.