25 Céntimos Bolaños

Bolaños de Calatrava is a small municipality in Ciudad Real province, and like hundreds of Spanish towns during the Civil War, its local council stepped in to fill the vacuum left by the disappearance of small-denomination coinage from circulation — hoarded, melted, or simply lost to the chaos of 1936–37. These municipal emergency issues, known collectively as "moneda local" or "papel moneda municipal," were sanctioned under Republican decree but executed entirely at the local level, which accounts for the improvised materials and the considerable variation in quality between issues.

The official stamp is the only real anti-counterfeiting measure. In a town of a few thousand people, that was probably sufficient.