50 Céntimos Estercuel

Estercuel is a small village in the Teruel province of Aragon — an area under anarcho-syndicalist collective control through much of the Spanish Civil War. The Colectividad de Estercuel was one of hundreds of local collectives that issued their own emergency scrip in 1936–37 when conventional currency dried up and the CNT-FAO agricultural collectivization effectively replaced municipal commerce with barter-adjacent local exchange.

These village-level emissions were never sanctioned by the Republican government and were typically redeemed — or more often simply abandoned — when Republican authorities reasserted monetary control in 1937. Survival rates for Teruel provincial scrip are low; the town itself changed hands violently during the Battle of Teruel in the winter of 1937–38.