The abdication of King Amadeo I on 11 February 1873 was followed by the proclamation in Spain of the First Republic, that lasted until the end of 1874, when the insurrection of General Martínez Campos gave way to the restoration of the Bourbons to the throne with King Alfonso XII. The new monarch reigned until his death on 25 November 1885, being succeeded by his posthumous son Alfonso XIII, King of Spain from 17 May 1886 through the proclamation of the Second Republic on 14 April 1931.

The effects of the 1898 disaster, which took place in the last years of Queen Maria Christina’s regency resulting in the loss of Spain’s last overseas colonies together with the new colonial wars in North Africa, defined a reign marked by social revolt.

Against a backdrop of political and social crisis, Captain-General Miguel Primo de Rivera led a coup d’état on 13 September 1923, backed by King Alfonso XIII’s request to Primo de Rivera to form a government.

Primo de Rivera named a cabinet initially made up exclusively by army members, the so-called "Directorio Militar", in power from 1923 to 1925. From 1925 to 1930 this "Directorio" was replaced by a civilian cabinet. That final period saw the end of the Moroccan War with the Landing of Alhucemas in 1925, that led to the definitive Spanish conquest of the Riff region in 1927.

The coin in hand belongs to that time. It was the first time in Spain when coins were minted using nickel, which together with copper formed an alloy of extremely low weight. It was also the first issue of a piece with a value of 25 cents. Given that it was coined in times of the dictatorship, this coin does not have an image or legend allusive to King Alfonso XIII.

The initials "PCS" correspond to the assayers Vidal Peiró Zafra (P), Rafael Caro Fresneda (C) and the third one is unknown (S). The design was by José Espinós Gisbert, engraver of the Royal Mint. Because of the similarity in size of this piece with the 2-peseta coin, it was replaced by another one perforated in its centre. The hole was a successful innovation and it lasted until the issuing of the 25-peseta coin with the effigy of King Juan Carlos I.

Obverse: Caravel navigating towards the left over the waves with sails unfurled. Line . On the top left edge, the legend:

ESPAÑA 1925Reverse: large mark of value (25) occupying the centre with the royal crown above. Below, the assayers’ marks and of the type of coin. Line .

25 P⋅C⋅ CÉNTIMOS ⋅S⋅