50 Céntimos Villanueva de la Serena

Villanueva de la Serena, a small Extremaduran municipality, issued fractional emergency currency during the Spanish Civil War under the same republican necessity that drove hundreds of Spanish towns to print their own small-denomination paper. The central government's inability to maintain adequate coin supply — silver having been hoarded or melted, and the war consuming metals — forced local councils to fill the gap themselves. These municipal emissions were officially tolerated but never centrally coordinated, which accounts for the enormous variation in quality, format, and backing across the series.

The Gari Montllor catalog remains the primary reference for Spanish Civil War local issues, and the -B suffix here indicates a distinct variety within the 1615 listing.