2 Pesetas Morella

Morella is a fortified hill town in Castellón, and like hundreds of municipalities across Republican Spain, it issued its own emergency scrip during 1937 when small-denomination coinage effectively vanished from circulation. These local vales were sanctioned under a Republican decree permitting cooperatives and municipal bodies to fill the gap — which is why the issuing authority here is a consumer cooperative rather than a bank or town council.

The Gari Montaner catalogue documents hundreds of such emissions; #976-F places this squarely within the Valencia region grouping. Survival rates vary wildly by locality, and notes from smaller Castellón towns tend to be genuinely scarce, since print runs were modest and redemption after the Nationalist takeover in 1938 was neither guaranteed nor always completed.