1 Peseta Madrid

Issued by the Spanish Republic during the Civil War, these cardboard discs emerged from a catastrophic coin shortage caused by hoarding — silver had vanished from circulation almost entirely by 1937, and the Nationalist blockade compounded supply problems for the Republican zone. The Consejo Municipal de Madrid produced them as emergency fractional currency while the city was under siege, a siege that had begun in November 1936 and would last until the Republic's final collapse in 1939.

Cardboard currency of this type degraded rapidly in handling, which is why undamaged examples are genuinely scarce today.