25 Céntimos Garbayuela

Garbayuela is a small municipality in the province of Badajoz, Extremadura, and like hundreds of other Spanish towns during the Civil War, its local administrative council issued emergency fractional currency when the Republic's small-change supply collapsed entirely. These hyper-local emissions — known collectively as guerra civil locales — were produced under improvised conditions, often on whatever paper stock and printing equipment the town possessed. The Consejo de Administración rather than a formal banking body being the issuer is itself telling: this is municipal stopgap money, not banking policy.

Badajoz province fell largely under Nationalist control after the brutal taking of the capital city in August 1936, making Republican-held pockets like Garbayuela increasingly isolated. A 1937 emission from this area is rare for that reason alone.