25 Céntimos Elche

One of hundreds of locally issued emergency notes produced across Republican-held Spain during the Civil War, when the hoarding of coins created a severe small-change shortage that the central government was too stretched to address. Municipal councils, cooperatives, and even some private businesses filled the gap themselves. Elche, a mid-sized town in Alicante province, issued its own fractional currency under this authority for day-to-day retail transactions.

The only security measure was an official municipal stamp — a practical concession to the improvised nature of the entire series. Forgery was a real concern with locally printed notes, though the limited geographic circulation offered some natural protection.