25 Céntimos Raspay

Raspay is a tiny farming hamlet in the municipality of Yecla, and in 1936 it had no business issuing currency — yet here it is. During the early months of the Civil War, small change disappeared almost entirely from Republican-held territory as silver coins were hoarded and the banking system convulsed. Local authorities at every level, down to the most obscure rural pedanías, filled the vacuum with handmade emergency scrip. Raspay's effort is about as local as it gets.

The official stamp is the only security feature, which in practice meant very little — these notes circulated among people who all knew each other anyway.