50 Céntimos Horcajo

Horcajo de Santiago, a small Castilian municipality in Cuenca province, was among hundreds of Spanish localities that issued emergency fractional currency during the Civil War after the Republic's coin supply collapsed almost entirely in 1936–37. Hoarding, melting, and simple shortage had stripped small change from everyday commerce, and municipal councils stepped in with whatever printing resources were available — often a local press running cardstock or thin paper.

The Gari Montané reference remains unassigned, which typically means the compiler documented the issuer but lacked a confirmed specimen. Surviving examples from minor Castilian municipios at this denomination are genuinely uncommon.