50 Céntimos Torres de Albanchez

Torres de Albanchez is a small municipality in the sierra of Jaén, Andalusia, with a population historically in the hundreds. That a village this size issued its own paper fractional currency tells you everything about the severity of the coin shortage that gripped Republican Spain from 1936 onward. Central government supply of small denomination coinage collapsed almost immediately after the war started, and municipalities across the country — many with no banking infrastructure whatsoever — were left to improvise their own emergency media of exchange.

The Garibaldi-Monterroso catalog reference places this in a documented but thinly represented series. Local consejo issues from villages of this scale rarely survived in quantity; most circulated hard and were discarded once the crisis passed.