50 Céntimos Adzaneta de Albaida

Adzaneta de Albaida is a small municipality in Valencia's interior — population well under a thousand in the 1930s — yet like hundreds of similar towns across Republican Spain it was forced to issue its own emergency fractional currency during 1937 when coinage disappeared almost entirely from circulation. The hoarding of metal and the disruption of normal supply chains through the Republican zone created a vacuum that municipal councils filled with locally printed paper at denominations nobody had previously bothered to issue in paper form.

Notes from municipalities this small survive in genuinely limited numbers. Most circulated hard within a tiny local economy and were never systematically collected or redeemed.