50 Céntimos Capellades

Capellades is a small municipality in the Anoia region of Catalonia, better known historically for its papermaking industry than for monetary affairs. During the Civil War, the collapse of small-denomination coinage forced hundreds of Catalan municipalities to print their own emergency fractional currency — these are the bitllets municipals, issued under a framework loosely authorized by the Generalitat de Catalunya from 1936 onward. Capellades was among the smaller issuers, and its notes were purely local instruments, usable only within the town's own economy.

The cardboard substrate is characteristic of the smaller municipal issues, where proper banknote paper was simply unavailable.