25 Céntimos Pilar de la Horadada

Pilar de la Horadada is a small coastal municipality in Alicante province, and like hundreds of Spanish towns during the Civil War, it issued its own emergency fractional currency when Republican authorities could no longer guarantee a supply of small-denomination coinage. These municipal issues — known collectively as *moneda local* or *papel moneda municipal* — flooded Republican-held Spain in 1936–37, filling a genuine transactional void caused by coin hoarding and disrupted supply chains from the Mint in Madrid.

The Gari catalogue (Billetes Locales de España) remains the standard reference for these issues. A four-letter suffix like "D" in Gari Mon#1114-D typically denotes a specific variety within the town's series — color, overprint, or serial format differences documented by Gari from surviving specimens.