25 Céntimos Cabañas de Yepes

Cabañas de Yepes is a village in the Toledo province with a population that barely scraped past a few hundred in the 1930s. That a municipal council this small issued its own fractional emergency currency in 1937 reflects how completely the Republican monetary system had fragmented during the Civil War — the central government simply could not supply enough small change to rural communities cut off from normal banking channels.

Printed at the provincial press in nearby Ocaña, this 25 céntimos note belongs to a category the Spanish call *billetes municipales de necesidad*. Ocaña itself was a Republican-held town for much of the conflict, which placed it and its printing facilities squarely within the administrative orbit sustaining these local emissions.