50 Céntimos Benifayó

Benifayó is a small town in the Valencian Community, and like hundreds of Spanish municipalities it was forced to issue its own emergency fractional currency in 1936 after the outbreak of the Civil War caused a near-total collapse in the supply of small-denomination coinage. The Republican government had authorized local issues precisely because the hoarding and melting of metal coins had made everyday commerce functionally impossible in many towns.

Municipal issues from this region are catalogued under the Turró and Gari references rather than standard Pick, reflecting how fragmented — and locally administered — this emergency currency became. Survivorship is uneven; some Valencian municipal issues are genuinely rare, others less so.