50 Céntimos Montmany-Figaró

One of hundreds of emergency municipal notes issued across Catalonia during the Civil War, when the collapse of small-denomination coinage left local governments printing their own scrip to keep markets functioning. The Ajuntament de Montmany-Figaró — a tiny municipality northeast of Barcelona — turned to Gràfiques Unificades in Granollers, a press that handled an extraordinary volume of these local emissions throughout 1937.

Survival rates for notes from small rural ajuntaments tend to be poor. Most circulated hard in confined local economies and were redeemed or simply discarded once the wartime emergency passed.