0.25 Pesetas Villargordo del Cabriel

Villargordo del Cabriel is a small municipality in the interior of Valencia province, and this quarter-peseta token note is exactly what it looks like: a wartime emergency issue produced because the Spanish Civil War had effectively destroyed the small-denomination coin supply by 1937. The Republic's government repeatedly tried to address the problem centrally, but hundreds of municipalities simply printed their own solutions rather than wait.

The square format is notable — most local emergency paper ran rectangular. At 42 × 42 mm, it's as wide as it is tall, almost certainly dictated by whatever card stock was available locally rather than any design intention.