0.50 Pesetas Caudiel

Caudiel is a small municipality in Castellón province, and like hundreds of Spanish towns during the Civil War, it issued its own emergency fractional currency when Republican-zone coinage disappeared from circulation almost entirely after 1936. Cooperatives, municipalities, and local committees filled the gap with card stock vouchers redeemable — in theory — at the issuing body. The Cooperativa Popular model placed these notes technically outside municipal authority, grounding their validity in collective membership rather than civic administration.

The Gari reference gap signals this piece has not been formally catalogued or was recorded without a plate number — not unusual for the smaller Valencian issuers, many of which survive in single known examples.