50 Céntimos Caspe

Caspe held unusual significance during the Spanish Civil War: in 1936 it became the seat of the Council of Aragon, the anarchist-dominated regional authority that operated in direct tension with the Republican central government in Valencia. This municipal note was issued under that charged political backdrop, when the collapse of metallic currency in circulation forced hundreds of Spanish towns to print their own emergency fractional paper.

The Gari Monetary catalogue distinguishes this as the A variant — a detail that matters, as multiple emission types from Aragonese municipalities are frequently misattributed in trade.