50 Céntimos Fortuna

Fortuna is a small inland municipality in Murcia, and like hundreds of Spanish towns during the Civil War, it was cut off from the national money supply. The Republican government's emergency decree of 1936 authorized local authorities to issue their own fractional currency — these so-called "billetes locales" filled the vacuum left by hoarded coins, which had disappeared almost entirely from circulation by mid-1937.

Production was purely local, which accounts for the crude printing quality typical of the series. The official stamp was the primary guarantee of legitimacy — without it, the notes were worthless even within the town itself.