25 Céntimos Palma de Gandía

Palma de Gandía is a small municipality in the Valencia region, and like hundreds of similarly sized Spanish towns, it issued its own fractional emergency currency during the Civil War after the Republican government's 1936 decree authorizing local authorities to produce small-denomination notes to replace hoarded coin. The Consejería Municipal de Abastecimientos — the municipal supply council — was the issuing body, a wartime administrative creation rather than any standing financial institution.

These hyperlocal Valencian issues were produced in tiny quantities, often on whatever paper was available, with rudimentary printing. Survival rates are low not because of heavy circulation but because almost nobody thought to keep them.