0.25 Pesetas Villalonga

Villalonga is a small municipality in Valencia, and like hundreds of other Spanish townships during the Civil War, its local council issued emergency fractional paper when Republican-zone coinage effectively vanished from circulation in 1937. The central government in Madrid and the Generalitat in Barcelona both struggled to fill the void; most never did at the local level, leaving councils to improvise.

At 50 × 27 mm, this is among the smallest of the municipally-issued vales — closer to a postage stamp than a banknote. Quantities issued were almost certainly tiny, survival rates lower still.