0.25 Pesetas Moratalla

Moratalla is a small municipality in the Murcia region, and like hundreds of Spanish towns during the Civil War, it issued its own fractional paper currency in 1937 when coin shortages made everyday transactions nearly impossible. The Republican government had lost control of the metal supply, and local councils stepped in with emergency scrip — some printed professionally, many produced on whatever press happened to be available.

The validation stamp is the only security measure, which was typical of these municipal emissions and did little to prevent counterfeiting in practice. Gari's catalogue documents thousands of such issues; the survival rate varies wildly by town, and smaller Murcian municipalities are often underrepresented in collections outside Spain.