Issued during the Spanish Civil War by local municipalities and businesses desperate to keep small transactions moving after metallic coinage vanished almost entirely from circulation — hoarded, melted, or simply unavailable in a fractured economy. Cardboard emergency issues like this one were produced across Republican-held territory from 1936 onward, with hundreds of distinct local types appearing. By 1938, the Republican zone was contracting rapidly, and many of these issues circulated for only weeks before the issuing authority ceased to exist.
Issued during the Spanish Civil War by local municipalities and businesses desperate to keep small transactions moving after metallic coinage vanished almost entirely from circulation — hoarded, melted, or simply unavailable in a fractured economy. Cardboard emergency issues like this one were produced across Republican-held territory from 1936 onward, with hundreds of distinct local types appearing. By 1938, the Republican zone was contracting rapidly, and many of these issues circulated for only weeks before the issuing authority ceased to exist.