25 Céntimos Carcagente

Carcagente — now officially Carcaixent — was a Valencia Province citrus-growing town whose municipal council issued emergency fractional currency during the Civil War after metallic coin effectively vanished from circulation. These vales were a local stopgap, authorized under the Republican government's 1936–37 framework that permitted municipal and collective bodies to print their own low-denomination scrip. Hundreds of Spanish towns did the same; the practical result was a chaotic patchwork of hyper-local paper that was worthless ten kilometers away.

The Turró and Gari catalogues both document this emission, suggesting at least one variant exists within the series. The official stamp serves as the sole authentication — no watermark, no serial numbering of any sophistication.