50 Céntimos Rafal

Rafal is a small municipality in the Vega Baja del Segura comarca of Alicante province, and like hundreds of similarly sized Republican-held towns during the Civil War, it issued its own emergency fractional currency when coin hoarding and metal requisitioning gutted local circulation. These municipal issues — called *billetes locales* or *moneda de necesidad* — were authorised under the economic disruption of 1936–37 and typically printed in tiny runs, often by local printers with no banknote experience.

Survival rates for Rafal's issues are low. Small-town Republican paper from this period was frequently destroyed after the Nationalist takeover, either deliberately or through neglect.