2 Pesetas Pegalajar

Pegalajar is a small municipality in the province of Jaén, Andalusia, and like hundreds of similarly sized Spanish towns, it resorted to issuing its own emergency scrip during the Civil War after the Republican government's decree of 1936 effectively forced local councils to fill the coin vacuum themselves. The copper and silver that had previously handled small transactions had vanished almost overnight — hoarded, melted, or simply removed from circulation by wartime disruption.

Municipal issues from villages this size were produced in tiny quantities, often on whatever card stock was locally available, and distributed within a strictly limited radius. Survival rates are low precisely because redemption was the goal — these were meant to be spent and exchanged, not saved.