50 Céntimos Alcaracejo

Alcaracejos is a small municipality in the northern reaches of Córdoba province, and like hundreds of other Republican-held towns during the Civil War, its ayuntamiento issued fractional emergency paper when coinage simply stopped circulating. The hoarding of metal — copper and silver alike — was near-universal by 1937, and local councils filled the gap with whatever they could produce: rubber-stamped cardboard, handwritten slips, or rudimentary printed notes carrying the council's authority as the only backing.

The Garicano Monfort reference gap signals how thinly documented this emission remains. Survivors are rare, and the official stamp is typically the only security measure distinguishing a genuine issue from a contemporary improvisation.