25 Pesetas Tarancón

Tarancón is a market town in Cuenca province, and like hundreds of Spanish municipalities in the summer of 1936, its ayuntamiento resorted to printing its own emergency fractional currency when the Republican government's coin supply collapsed almost immediately after the military uprising. These local issues — vales, billetes de necesidad — were produced under genuine economic pressure, often on whatever press and paper happened to be available in town.

The printer, Ramírez, was Tarancón's own local commercial press. Purely a necessity issue, with an official stamp serving as the sole authentication against forgery — a thin guarantee, but typical of the circumstances.