50 Céntimos Malagón

Malagón is a small municipality in the province of Ciudad Real, and like hundreds of similar towns across Republican-controlled Spain, it issued its own emergency paper currency during the Civil War after the withdrawal of metallic coin from circulation caused near-total collapse of small-denomination exchange. These municipal emissions — collectively known as "papel moneda local" — were authorized under a 1936 Republican decree permitting local councils to print emergency scrip, though the practical results varied wildly in quality and legal standing.

The Gari Montserrat reference places this among the documented Castilla-La Mancha emissions, but surviving examples from Malagón are genuinely scarce — the town's small population meant limited print runs, and most scrip was redeemed or discarded once national currency was restored.