50 Céntimos Úbeda; replica

Úbeda's 2003 issue is a commemorative replica of the emergency municipal fractional currency ("billetes municipales") that Spanish town councils produced during the Civil War period, when small-denomination coinage vanished from circulation almost entirely. The Ayuntamiento de Úbeda was among hundreds of local authorities across Spain that filled the gap with locally authorized paper. The 2003 printing by the Fábrica Nacional de Moneda y Timbre — the official Spanish state press — lends it a certain institutional credibility unusual for a commemorative piece of this kind, including a watermark the originals almost certainly lacked.