50 Céntimos Torà de Riubregós

Torà de Riubregós is a small municipality in the comarca of Segarra, Catalonia, with a population that barely reached a few hundred during the 1930s. Like dozens of similarly tiny Catalan and Aragonese councils during the Civil War, it issued its own emergency fractional currency in 1937 when Republican Spain's small change effectively disappeared from circulation — hoarded, melted, or simply absent. The Republican government had lost control of the coin supply, and local councils filled the gap with whatever they could print or stamp locally.

The official stamp is the only security measure — which tells you everything about the trust network these notes depended on: purely local, purely face-to-face.