50 Céntimos Herencia; replica

Herencia is a small Castilian municipality that, like hundreds of Spanish towns, issued emergency fractional currency during the Civil War — small-denomination notes to compensate for the hoarding of coins after July 1936. This 2003 piece is a commemorative facsimile of that wartime 50 céntimos, produced by the FNMT-RCM in Madrid, the same state printing works responsible for Spain's official banknotes and stamps. The inclusion of a watermark on a modern replica is unusual and suggests this was issued as a collector item of some ambition rather than a simple photographic reproduction.