25 Céntimos Castalla

Castalla is a small municipality in the Alicante province, and like dozens of similar towns during the Spanish Civil War, its local council issued emergency fractional currency in 1937 to address a chronic shortage of small-denomination coinage — silver and copper had largely vanished from circulation, hoarded or melted. These locally printed pieces, known collectively as moneda local or papel moneda municipal, were theoretically redeemable but in practice often became worthless once the war's front lines shifted.

Tipografía Moderna in nearby Elda printed for several Alicante-region municipalities during this period, which occasionally creates attribution confusion among collectors working from printing style alone.