One-peseta note of the Republic

A one-peseta note of the Spanish Republic, 1937. The civil war that began in July 1936 tore the money in two as well — the Republican side and Franco's side each issued a peseta of their own, and neither recognised the other's notes. It is called the war of the two pesetas. In November 1936 Franco's side declared void the money issued by the Republican side from 18 July 1936 onward, and in 1938 forbade even the holding of Republican notes. Small change disappeared from the towns on the Republican side, and local paper issued by municipalities and unions, and stamp money made by pasting postage stamps to card, filled the gap. This small paper is the Republic's one peseta from that time of scarcity. After the war the loser's notes stayed void and became waste paper. Only the winner's currency remains — an unmoving fact of monetary history.