1 Peseta Arén

Arén is a small municipality in the Ribagorza comarca of Aragon, and like hundreds of Spanish towns, it issued its own emergency paper money during the Civil War after the Republican government authorized local councils to produce small-denomination notes to address the catastrophic shortage of coin. These municipally-issued pieces — collectively known as "billetes locales" or "moneda local de guerra" — were often printed on whatever card stock or heavy paper was at hand, with production ranging from crude rubber-stamp jobs to surprisingly competent letterpress work.

Gari's cataloguing of the Arén issues identifies this as variant B, implying at least two distinct printings or type differences exist within the series.