25 Céntimos Portell de Morella

Portell de Morella is a tiny municipality in the Castellón highlands — population well under a thousand even in the 1930s. That this village council issued its own fractional paper currency during the Civil War is less surprising than it sounds: the Republican zone suffered an acute shortage of small coinage from 1936 onward as silver was hoarded and the central government's response was slow and uneven. Hundreds of local authorities, from major cities down to villages of this scale, filled the gap themselves.

The official stamp serves as the sole security element — common for emergency municipal issues where printing resources were minimal and counterfeiting of sub-peseta notes was judged an unlikely concern.