50 Céntimos Toló

Toló is a tiny municipality in the comarca of Pallars Jussà, Catalonia — population then as now measured in the hundreds. Like hundreds of other Catalan and Aragonese localities during the Spanish Civil War, the town's municipal council issued its own fractional currency in 1937 to compensate for the near-total disappearance of metallic coin, which had been hoarded, melted, or simply stopped circulating as the Republican zone's supply chains collapsed.

Turró catalogues over 2,500 such local issues. That Toló's note survives at all is largely a matter of accident — small-run municipal issues from villages of this size were rarely preserved systematically.