50 Céntimos Montiel

Montiel is a small municipality in the province of Ciudad Real, Castilla-La Mancha, and like hundreds of Spanish towns during the Civil War, its local council issued emergency fractional currency when Republican-zone coinage disappeared from circulation almost entirely by mid-1937. The Consejo Municipal had no printing infrastructure to speak of — most of these local issues were produced on whatever card stock or office paper was available, which is exactly what the composition here reflects.

The Gari catalogue treats this as a distinct type from the 956-A variant, almost certainly a paper or printing substrate difference rather than a design change. Survival rates for Montiel issues are low simply because the town's wartime population was small and few notes were produced to begin with.