10 Céntimos Cárcer

Cárcer is a small municipality in Valencia province, and like hundreds of Spanish towns during the Civil War, it issued its own fractional emergency currency in 1937 after the Republic's coinage disappeared almost entirely from circulation — hoarded, melted, or simply absent. These local emissions, known collectively as "billetes locales" or "papel moneda de necesidad," were produced under wildly varying conditions, often by town councils with no printing infrastructure whatsoever.

The Turró and Gari catalogues together document well over a thousand such emissions from the Valencia region alone. That density of reference material is itself telling: most of these notes survived only in tiny quantities, and collectors have been piecing together the record ever since.