25 Céntimos Muro de Alcoy

Muro de Alcoy is a small municipality in the Valencian Community, and like hundreds of Spanish towns during the Civil War it was forced to issue its own emergency fractional currency after the hoarding of metal coinage caused the small-change economy to collapse entirely. These local notes — known collectively as billetes de necesidad — were produced under Republican authority from 1936 onward, with municipal councils improvising design, printing, and distribution from whatever resources they had locally.

The Gari Montaner catalog remains the primary reference for Spanish municipal emergency issues, and the -B suffix on this reference suggests at least one earlier variant exists for this denomination from the same issuer.