25 Céntimos Callosa de Ensarriá

Callosa de Ensarriá, a small municipality in the Alicante province of Valencia, issued its own fractional emergency money during the Spanish Civil War — a period when the Republican government's inability to supply small-denomination coinage forced hundreds of local councils, cooperatives, and trade unions to print their own scrip. These locally issued pieces, collectively called moneda local or billetes locales, were produced under wildly varying conditions, often on whatever card stock or paper was available, with little standardization in format or security.

The square format here is notable — most municipal issues of the period were rectangular, following conventional note dimensions. A square slip of thick card stock this small was almost certainly cut from a larger sheet by hand or with a basic guillotine.