50 Céntimos Alarcón

Alarcón is a small Castilian municipality perched on a near-island formed by a bend in the Júcar river — not a place one would expect to find its own paper money. This 50 céntimos note was issued by the local municipal council during the Spanish Civil War under the Republican government's emergency authorization allowing municipalities to produce small-change substitutes. The peseta fractional coinage had effectively vanished from circulation by mid-1937, hoarded or melted, forcing hundreds of Spanish towns to print their own.

The Gari Montaner reference places it in a well-documented but genuinely vast series of Spanish local emergency issues, many of which survive in tiny quantities.