50 Céntimos Caldes de Montbui

One of thousands of small-denomination emergency notes — "moneda de paper" — issued by Catalan municipalities during the Civil War after the Republican government struggled to maintain adequate coinage in circulation. The Ajuntament de Caldes de Montbui, a small thermal spa town north of Barcelona, issued its own fractional paper currency out of practical necessity rather than any political ambition. The series to which this belongs is catalogued by Andreu Turró, whose reference work remains the primary tool for identifying these hyper-local emissions.

Caldes de Montbui notes from this period are not especially rare, but incomplete series are common — the 50 céntimos value tends to surface less frequently than the lower denominations.