50 Céntimos Caldes de Malavella

Caldes de Malavella is a small spa town in the Girona province, and like hundreds of Catalan municipalities during the Civil War, its ayuntamiento issued its own fractional paper currency after metallic coin effectively vanished from circulation in 1936. The Republican government's decree permitting local emergency emissions produced an extraordinary proliferation of these notes — Turró catalogues well over a thousand distinct issues from Catalonia alone.

Municipal emissions at this denomination were typically printed in very small runs, often on whatever stock was locally available, and many issues from smaller towns survive in quantities of single digits.