50 Céntimos Fonts de Sacalm

Fonts de Sacalm is a small spa town in the Garrotxa region of Catalonia, and like hundreds of Catalan and Spanish municipalities in 1937, its ajuntament issued fractional notes to compensate for the catastrophic shortage of small-change coinage during the Civil War. Republican government requisitioning of silver and copper for the war effort had effectively stripped local circulation of anything below a peseta.

Sabadell y Cía. S. en C. in Barcelona handled enormous volumes of these municipal emergency emissions, printing for dozens of issuing bodies simultaneously. The sheer number of clients means production quality and paper stock varied considerably even within a single series.