2 Pesetas Sarrión

Sarrión is a small municipality in the province of Teruel, and like dozens of similarly sized Republican-held towns during the Civil War, its local council issued emergency paper fractional currency in 1937 to compensate for the near-total disappearance of metallic coin from circulation. The Nationalist blockade and wartime hoarding had stripped small denominations out of the local economy almost entirely.

These municipal issues were produced under no central template — design, paper stock, and security measures were left entirely to local initiative. The official stamp here is the only thing standing between this and a blank piece of paper as legal tender.