25 Céntimos Arbúcies

Arbúcies is a small Catalan municipality in the Selva comarca, and like hundreds of similarly sized towns during the Spanish Civil War, it issued its own emergency fractional currency when Republican Spain's coin supply collapsed entirely in 1936–37. The Generalitat de Catalunya had authorized local councils to print their own small-denomination notes — the so-called "moneda local" or "moneda de necessitat" — creating a patchwork of hundreds of hyper-local issues, most printed in tiny runs and redeemed or destroyed shortly after the war ended.

Turró catalogues over a thousand such Catalan municipal issues. That this one survives at all is partly luck.