25 Céntimos Valenzuela de Calatrava

Valenzuela de Calatrava is a small municipality in the province of Ciudad Real, Castilla–La Mancha, and like hundreds of similarly obscure Spanish towns it resorted to issuing its own emergency fractional currency during the Civil War after the Republic's small-denomination coinage disappeared from circulation almost entirely by 1937. These municipal emissions — collectively known as billetes locales or moneda de cartón — were produced under no central oversight, which means paper quality, printing method, and surviving quantities vary dramatically even within a single series.

The thick card stock used here was a common local workaround when proper banknote paper was unavailable.