50 Céntimos Palma de Gandía

Palma de Gandía is a small municipality in Valencia, and like hundreds of Spanish towns, it issued its own fractional emergency currency during the Civil War after the Republican government authorized local bodies to produce small-denomination notes to address the acute shortage of coin. The Consejería Municipal de Abastecimientos — the municipal supply council — was an administrative body that emerged from wartime necessity rather than any banking function, which is precisely why these local emissions are so varied in quality and format.

Survival rates for small Valencian municipal issues are uneven. Many were redeemed locally and pulped; others simply disintegrated in circulation given the poor paper stock used.