0.25 Pesetas Fraga

Fraga is a small town in the Huesca province of Aragon, and like hundreds of other Republican municipalities during the Spanish Civil War, its local antifascist committee issued its own fractional emergency currency when the central banking system collapsed and small coins vanished from circulation almost overnight in the summer of 1936. These hyper-local issues — sometimes referred to collectively as billetes de necesidad — were printed or stamped in quantities that often reflected nothing more than the committee's immediate need for change-making instruments.

The Gari Montserrat catalogue records several Fraga issues across different values, and the survival rate of any single type is largely accidental — committee records rarely survived the Nationalist takeover of Aragon in 1938.