25 Céntimos Ayora

Ayora is a small inland municipality in Valencia province, and like hundreds of Spanish towns during the Civil War, its local council stepped in to fill a chronic shortage of small change after metallic coinage effectively vanished from circulation in 1936. These emergency fractional notes — known collectively as papel moneda local — were produced by whatever printing resources existed locally. In Ayora's case, that meant a single local print shop, Leovigildo Martínez, turning out fractional currency for a municipality of a few thousand people.

The dual catalog references under Turró suggest at least two recognized varieties within the series.