25 Céntimos Oliva

Oliva is a small coastal town in the Valencia region, and like hundreds of Spanish municipalities during the Civil War, its local council stepped in to fill an acute shortage of small-denomination coinage after silver and copper disappeared from circulation almost immediately following the July 1936 uprising. These emergency municipal issues — known collectively as papel moneda local — were produced under improvised conditions, often by local printers with no specialized security printing experience, which is exactly the situation here.

The Turró and Gari catalogues document enormous variation in paper quality and impression consistency across surviving examples of this issue, a predictable consequence of wartime supply constraints in a town of this size.