25 Céntimos Caravaca

Caravaca de la Cruz issued its own fractional currency during the Spanish Civil War, as did hundreds of other municipalities cut off from reliable central bank supply. These local emissions — often called billetes de necesidad — were produced under improvised conditions, and Caravaca's 25 céntimos issue reflects exactly that urgency. The Gari Monerris catalog is the primary reference for Republican-era Spanish local paper, and the 447-A designation places this firmly within the documented Levante regional emissions.

Survival rates for municipal fractions of this type are erratic — some towns produced thousands, others a few hundred, and wartime destruction of local records makes print run data nearly impossible to reconstruct for Caravaca specifically.