50 Céntimos Alcaracejos

Alcaracejos is a small municipality in the northern Sierra Morena of Córdoba province, and like hundreds of other Republican-held towns in 1937, its council issued emergency fractional scrip when central government coinage effectively vanished from retail circulation. The hoarding of metal — copper included — was near-total across the Republican zone by mid-war, forcing even minor ayuntamientos to print their own solutions.

The Gari Montllor reference confirms this as a catalogued local emission, but surviving examples are rarely encountered; most Spanish Civil War municipales of this size and denomination were used hard and discarded once the immediate shortage eased or the town changed hands.