25 Céntimos Benejama

Benejama is a small municipality in the Valencian interior, and like hundreds of similarly minor Spanish towns, it issued its own emergency fractional currency during the Civil War after the Republic's coinage supply collapsed in 1936–37. These local issues — collectively known as "billetes locales" or "moneda municipal" — were produced under no standardized authority, often printed by whatever press was available nearby, and had no validity beyond the issuing township's boundaries.

Survival rates vary enormously across the series; notes from tiny Valencian municipalities like Benejama were produced in small quantities and saw hard use in a wartime economy with little incentive for preservation.