25 Céntimos Real de Montroy

Real de Montroy is a small municipality in Valencia's Ribera Alta comarca, and like hundreds of Spanish towns during the Civil War, its municipal council issued emergency fractional currency in 1937 to address the acute shortage of small coin — silver and copper had been hoarded or melted almost immediately after July 1936. These locally produced notes, collectively catalogued under the broader Valencian emergency issues, were printed in extremely limited quantities and circulated only within the issuing municipality.

Survival rates for Real de Montroy municipal issues are poor. The town's small population meant production runs were modest, and most were redeemed or simply discarded once the crisis passed.