50 Céntimos Ocaña

Ocaña, a small Castilian town south of Toledo, issued its own fractional emergency currency during the Civil War because the Republic's central authorities could not reliably supply small-denomination coinage to outlying municipalities. These locally authorized notes — known collectively as moneda local or papel moneda municipal — proliferated across Republican-held territory from 1936 onward, each council printing what it needed and backing it with little more than civic authority.

The Gari Mon catalogue distinguishes two variants for this emission; this is the B type. Franco's forces took Ocaña in late 1936 — the fact that this note was issued in 1937 under a Municipal Council suggests the town's administrative situation during the war deserves closer scrutiny before assuming straightforward Republican provenance.