50 Céntimos Villamayor de Calatrava

Villamayor de Calatrava is a small municipality in the province of Ciudad Real, and this 50 céntimos note is a product of the Republican zone's emergency small-change crisis of 1936–37. With Franco's Nationalist forces disrupting normal monetary supply lines and metal coinage effectively vanishing from circulation, hundreds of Spanish municipalities — many of them tiny — issued their own cartones and vales to keep local commerce moving. The thick card stock was a practical choice: cheaper to produce locally than printed paper, and harder to fold into illegibility after a week in a pocket.

No Pick or Gari catalog number has been firmly assigned to this issue, which itself signals how obscure the series remains to systematic collectors.