50 Céntimos Reus

Reus issued its own emergency fractional currency during the Civil War because Republican Spain's central banking system had effectively collapsed at the local level by 1937 — coin disappeared from circulation almost entirely, hoarded or melted, and municipalities across Catalonia were left to fill the gap themselves. The Consell Municipal de Reus was one of dozens of Catalan local authorities that responded with officially sanctioned paper fractions, printed on whatever presses were available.

Ferrando was a local commercial printer, not a security specialist. These notes were never difficult to reproduce, and their authority rested entirely on local trust rather than technical deterrence.