50 Céntimos Caravaca

Caravaca de la Cruz issued emergency fractional paper during the Spanish Civil War under the municipal guarantee schemes that proliferated across Republican-held towns after the 1936 coinage crisis drained small change from circulation almost overnight. These local emissions were produced under urgent, improvised conditions — typically on whatever paper stock was available — and were redeemable only within the issuing municipality, which made them worthless the moment front lines shifted.

Survival rates for Caravaca's fractional notes are low. Many were never redeemed at all.