50 Pesetas Fraga

Fraga is a small town in Huesca province, Aragon, and like dozens of other Republican-controlled municipalities during the Spanish Civil War, its local antifascist committee issued its own emergency fractional currency when coin and central bank notes dried up in the summer and autumn of 1936. These committee-issued pieces — broadly classed as "billetes locales" — filled a genuine transactional void; without them, daily commerce in markets and small shops would have stalled entirely.

Locally printed, almost certainly on whatever press was available, the production quality varies sharply across the Fraga series. The Gari Morancho census is the principal reference for Aragonese local issues, and even within that catalogue, survival rates for Fraga pieces remain low.