50 Céntimos Castellote

Castellote is a small hilltop municipality in the Maestrazgo region of Teruel province — deep in Republican-held Aragon during the first year of the Civil War. The Consejo Municipal issued emergency fractional notes like this one because the nationalist blockade of supply lines had effectively drained metallic coinage from the region. Hundreds of Spanish municipalities did the same in 1936–37, producing what collectors now call "guerra civil local paper" — a category notable more for its documentary than its monetary function.

Castellote fell to Franco's forces in March 1938, after which these notes became worthless almost immediately. The Gari Montaner census remains the primary reference for Aragonese municipal issues of this type.