5 Pesetas Benifayó

Benifayó is a small Valencian municipality south of Valencia, and like hundreds of Spanish towns it resorted to locally printed emergency paper during the summer of 1936 when the Civil War disrupted coin supply almost immediately. The Republican government's inability to maintain metallic circulation in the early months pushed this responsibility down to the municipal level, producing an extraordinary patchwork of local issues with no central oversight of design, printing quality, or security features.

The Gari Monet catalog remains the primary reference for these Valencian municipals. Survival rates vary sharply even within a single series — some denominations from the same town are genuinely rare while others surface regularly.