0.50 Pesetas Priego

During the Spanish Civil War, the breakdown of the national monetary system forced hundreds of municipalities to issue their own emergency fractional currency — locally known as "papel moneda local" or simply "moneda de emergencia." Priego is a small municipality in the province of Cuenca, and like many similarly sized ayuntamientos, it issued low-denomination notes to address the acute shortage of small coin that plagued the Republican zone from 1936 onward.

The Gari Montserrat reference places this within a well-documented but physically fragile category. Thick card stock was a common practical choice for tiny municipal issuers lacking access to proper banknote paper — it held up marginally better in daily market use, though losses over the decades have been substantial.