50 Céntimos Ultramort

Ultramort is a hamlet in the Baix Empordà comarca of Girona with a population that has historically hovered around a few dozen souls. That such a place issued its own emergency paper money is less surprising than it sounds — during the Spanish Civil War, the Republican government authorized local councils down to the smallest municipality to print their own small-denomination notes to relieve a catastrophic shortage of coin. Turró catalogs hundreds of these Catalan municipal issues, but Ultramort's entry is among the more striking simply because of the village's size.

The name, meaning "beyond death" in Catalan, has made this note a target for thematic collectors, which has kept demand disproportionate to its intrinsic rarity.