25 Céntimos Madridejos

Madridejos is a small municipality in the province of Toledo, and like hundreds of Spanish towns it issued its own fractional paper money during the Civil War after the Republic's central government failed to maintain an adequate supply of small-denomination coinage in circulation. These municipal emergency notes — locally called "cartones" or "vales" — were produced under almost no standardized oversight, typically by local printers with whatever materials were at hand, and authenticated only by the council's rubber stamp.

The Gari Monovar catalog remains the primary reference for Spanish Civil War local issues; the 865-A designation places this among the documented Madridejos emissions, though survival rates for these ultra-local pieces are inherently low given their purely functional, disposable nature.