40 Centimos Marchena

Marchena, a small agricultural town in Seville province, issued emergency cardboard fractional currency during the early months of the Civil War when Republican-held areas faced acute shortages of metallic coinage — silver and copper had vanished into hoarding and wartime requisition almost simultaneously. Municipal ayuntamientos across Andalusia filled the gap with whatever materials were at hand. Cardboard was the unsentimental answer.

Survival rates for these issues are low. The material degrades, and most circulated pieces were simply discarded once the monetary emergency passed.