50 Céntimos Rafelguaraf

Rafelguaraf is a small municipality in the Valencia region, and like hundreds of similarly sized Valencian towns it issued emergency fractional currency during the Civil War after the withdrawal of metallic coinage from circulation. The Republican government's decree of 1937 authorized local councils to produce these *vales* or provisional notes to keep commerce functional at the lowest transaction levels. Most were printed on whatever stock was locally available, which accounts for the considerable variation in paper quality across surviving examples from the same series.

Gari and Turró catalogue these together as a known pairing, suggesting at least two recognized variants exist for this emission. Small-town Valencian issues at this denomination were typically redeemed — or more often simply abandoned — once the war ended, and survival rates are low.