0.25 Pesetas Pedreguer

Pedreguer is a small municipality in the Marina Alta comarca of Valencia, and like dozens of similar communities during the Spanish Civil War, its agricultural cooperative stepped in to fill a void left by the near-total disappearance of small-denomination coinage from circulation. The Republican government's emergency decree of late 1936 authorized local entities — cooperatives, municipalities, unions — to issue their own fractional notes, and the Cooperativa Campesina de Pedreguer took advantage of that opening.

The only security measure is an official stamp, which varied in quality and placement across issues from this cooperative — making stampless survivors essentially uncirculated rejects or pre-issue remainders rather than legitimate emission.