By 1938, the Republican zone was hemorrhaging small change. Metal had been requisitioned for the war effort, and the coinage infrastructure across Loyalist-held territory had largely collapsed. Local municipalities, cooperatives, and even individual businesses began issuing emergency cardboard discs to fill the gap — a phenomenon documented extensively by collector Josep Miró. This piece represents exactly that improvised monetary ecosystem: a pre-existing 2 céntimos cardboard token restruck with a 45 céntimos countermark, effectively revaluing it upward as inflation and shortage bit simultaneously.
By 1938, the Republican zone was hemorrhaging small change. Metal had been requisitioned for the war effort, and the coinage infrastructure across Loyalist-held territory had largely collapsed. Local municipalities, cooperatives, and even individual businesses began issuing emergency cardboard discs to fill the gap — a phenomenon documented extensively by collector Josep Miró. This piece represents exactly that improvised monetary ecosystem: a pre-existing 2 céntimos cardboard token restruck with a 45 céntimos countermark, effectively revaluing it upward as inflation and shortage bit simultaneously.