25 Céntimos Oliva

Oliva is a small municipality in Valencia, and this 25 céntimos note is a product of the Republican zone's monetary chaos during the Civil War. With the peseta supply disrupted and small change hoarded almost immediately after July 1936, hundreds of local councils across Republican Spain began issuing their own emergency fractional currency — cartones, as they were often called. The Consejo Municipal de Oliva was one of thousands of such issuers, most of them printing on whatever card stock was locally available.

The Gari Montllor catalog remains the primary reference for this wave of Valencian municipal issues, and its numbering reflects just how fragmented and prolific local production was.