25 Céntimos Capellades

Capellades, a small town in the Anoia comarca of Catalonia, had been a center of handmade paper production since the medieval period — fitting, then, that its wartime emergency scrip was printed on unusually thick local cardboard stock rather than the thin commercial paper used by larger municipalities. During the Spanish Civil War, the Republican zone suffered acute small-change shortages as hoarding stripped coins from circulation entirely, forcing hundreds of Catalan municipalities to issue their own fractional notes under authorization from the Generalitat de Catalunya.

The Turró catalogue documents over a thousand such issues; Capellades' series is among the smaller and more locally confined, meaning genuine circulation examples are genuinely difficult to locate.