50 Céntimos Real de Montroy

Real de Montroy is a small municipality in Valencia province, and like hundreds of Spanish towns during the Civil War, its municipal council issued emergency fractional currency in 1937 when Republican-zone coinage effectively vanished from circulation — hoarded, melted, or simply absent. These local emergency issues, collectively catalogued under the *billetes locales* literature, were produced under no central authority and varied wildly in materials, print quality, and surviving quantities.

The Turró and Gari catalogues treat this as a distinct subtype, suggesting at least one variant exists within the series — unusual for a settlement this small.