25 Céntimos Puzol

Puzol is a small municipality on the Valencia coast, and like hundreds of Spanish towns during the Civil War, its municipal council issued emergency fractional currency when Republican-zone coinage disappeared almost entirely from circulation in 1936–37. The hoarding of metal — silver especially — was immediate and near-universal once the war began, leaving local governments to fill the gap however they could.

These hyper-local emissions were rarely printed in large quantities, and survival rates are low. Provincial issues at this scale were often printed on whatever card stock the municipal office had to hand, which accounts for the variation in paper weight catalogued across the series.