25 Céntimos Igualada

Igualada is a textile town in the Anoia comarca of Catalonia, and like hundreds of Spanish municipalities during the Civil War, its local government issued emergency fractional currency when the Republic's small-denomination coinage effectively vanished from circulation — hoarded, melted, or simply never produced in sufficient quantity. These municipal emissions, known as moneda local or vales, were authorized under a 1937 decree from the Generalitat de Catalunya, which gave ayuntamientos limited authority to print their own fractional paper rather than let commerce grind to a halt.

Turró's catalog remains the definitive reference for these Catalan Civil War issues, and #1257 places this piece within a well-documented but often physically fragile series — the card stock used by smaller municipalities was frequently of inconsistent quality, and examples with clean edges are harder to find than the surviving quantities might suggest.