0.25 Pesetas Boltaña

Boltaña is a small municipality in the Pyrenean foothills of Huesca province, Aragon. This fractional note was issued during the Spanish Civil War, when the Republican government's decree authorizing local bodies to produce their own emergency small change unleashed a flood of municipal cartones and vales across Spain — the national coinage had effectively disappeared from circulation, hoarded or melted down within weeks of the July 1936 uprising.

At this scale of issuer, print runs were often counted in hundreds rather than thousands, production was strictly local, and surviving examples are disproportionately rare given how little time most of these notes spent in actual use before the Nationalist advance through Aragon in 1938 ended their currency entirely.