The outbreak of the Civil War had serious monetary repercussions. The main one was the lack of small change which, on the one hand, was hoarded by private individuals and, on the other, the Government of the Republic did not produce enough of it. The Generalitat de Catalunya tackled the problem by creating a monetary system that it was only able to implement in part. It also promoted the issuance of fractional municipal securities with local circulation. The measures were generally well received, although in the end the Government of the Republic ordered them to be withdrawn from circulation.

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