0.25 Francos

Tangier's International Zone issued its own municipal fractional notes during 1941–42 because the war had effectively strangled the coin supply — metal was prioritized elsewhere, and small-denomination change simply disappeared from circulation. The Junta de Servicios Municipales stepped in as issuer not because it held any central banking authority, but because no other body was functioning in that capacity under the Zone's peculiar multi-power administration.

This 25-céntimo piece sits at the bottom of a very short series. Notes from this issue are fragile by design and saw heavy daily use as substitutes for coins, which accounts for the high attrition rate among surviving examples.