25 Céntimos Peñalsordo

Peñalsordo is a small village in Extremadura — population well under a thousand even today — and like hundreds of other Spanish municipalities during the Civil War, its local council issued emergency fractional paper when coinage disappeared from circulation almost entirely in 1936–37. Republican-zone hoarding, melting, and export of metallic currency created a vacuum that no central authority could fill fast enough, so town councils stepped in with handstamped or printed scraps that technically had no legal backing beyond local trust.

The Garrido-Manzano catalog reference confirms this as a documented type, but village-level emisiones locales from Extremadura are consistently underrepresented in collections. Most circulated hard and briefly, then were discarded when the war moved on.