50 Céntimos Villanueva de Alcolea

Villanueva de Alcolea is a small municipality in Castellón province, and like hundreds of Spanish towns during the Civil War, its local council issued emergency fractional currency when Republican-zone silver coinage vanished almost entirely from circulation by mid-1937. The Consejo Municipal filled the gap with locally printed paper — the 50 céntimos being the most common denomination needed for everyday market transactions.

The Gari Monetary catalog documents two variants for this emission; this is the B type, distinguished by minor printing differences from its companion issue. At 55 × 42 mm, it is among the smallest paper money produced during the war, reflecting the purely functional, zero-frills approach of wartime municipal printing operations in rural Valencia.