25 Céntimos Onteniente

Onteniente — now Ontinyent — is a textile town in Valencia, and like dozens of similar municipalities during the Civil War, its local commerce effectively collapsed when Republican zone coinage disappeared from circulation. The Unión de Comerciantes issued these notes as a collective stopgap, backed by nothing more formal than merchant solidarity and the assumption of eventual redemption. Hundreds of Spanish towns did the same thing in 1936 and 1937; the Turró catalogue alone documents over a thousand such issues.

Francisco Cambra signed as Tesorero — the treasurer of the issuing association, not a bank official. These locally-signed emergency pieces were rarely redeemed in full once the war ended, and surviving examples in any condition are genuinely uncommon rather than artificially scarce.