5 Céntimos Puerto de Sagunto, Panificadora Socializada

Puerto de Sagunto was a Republican-held industrial town in Valencia during the Spanish Civil War, and like dozens of municipalities and collectives, it issued its own emergency fractional currency when coinage disappeared from circulation entirely — hoarded, melted, or simply gone. The Panificadora Socializada was a collectivized bakery, one of many enterprises brought under anarchist or socialist worker control in the Republican zone after July 1936. That a bread collective was printing its own money is not unusual for the period; what is notable is that it functioned as a de facto local scrip, redeemable presumably within the collective's own commercial network.

These small-denomination vales were printed on card rather than banknote paper, which means survivors are frequently creased or edge-worn from pocket use.