25 Céntimos Alcoy

Alcoy (Alcoi) was one of the most thoroughly collectivized towns in Republican Spain during the Civil War, with the CNT-FAI exerting near-total control over local industry by mid-1936. The Industrias Metalúrgicas Alcoyanas Socializadas was a collectivized amalgamation of the town's metalworking firms — this note was emergency local currency issued because the Republican government's coin supply had effectively collapsed under wartime hoarding and metal requisitioning.

The embossed dry seal was the collective's primary authentication device, a practical choice for an organization that controlled industrial presses but had no access to intaglio printing infrastructure.