5 Pesetas Velilla de Ebro

Velilla de Ebro is a small Aragonese municipality on the Ebro river, and like hundreds of Spanish towns during the Civil War, its local council issued emergency fractional currency when Republican-zone coinage effectively disappeared from circulation — hoarded, melted, or simply gone. These consejo municipal emissions were authorized under a 1936 decree permitting local governments to print their own paper money, a measure born of necessity as the banking system fractured along front lines.

The Gari Montalvo census documents this emission as a single-note series, which suggests very limited printing. Small-town Aragonese issues from 1937 are among the least-documented of the war's local currencies.