0.25 Pesetas Otos

Otos is a village in the Vall d'Albaida comarca of Valencia, with a population that would have numbered only a few hundred in the 1930s. The decision to issue fractional paper currency here — as in hundreds of other small Republican-held municipalities during the Civil War — was driven by the near-total disappearance of metallic coinage from circulation after 1936, hoarded by a public that trusted silver over paper and had good reason to.

The municipal council stamp served as the only authentication. No printer, no serial number.