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| 正面铭文 | AJUNTAMENT DE Caldes de Malavella VAL per 25 cèntims Quantitat reembolsable a la caixa municipal Acord de l'ajuntament de data 5 agost 1937 CALDES DE MALAVELLA, AGOST 1937 (Translation: City Council of Caldes de Malavella Voucher for 25 Centimos Amount refundable at the Municipal Treasury City Council agreement dated August 5, 1937 Caldes de Malavella, August 1937) |
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| 背面铭文 | VAL autoritzat per a circular lliurement per tot el terme municipal L'Alcalde, El Sectri. Interventor, El Dipositari, (Translation: Voucher authorized to circulate freely throughout the municipality The Mayor, The Secretary-Comptroller, The Treasurer) |
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Caldes de Malavella is a small spa town in Girona province, and like hundreds of Catalan municipalities during the Civil War, its ajuntament issued fractional paper currency in 1937 to address the acute shortage of small coinage — silver and copper had vanished from circulation almost entirely by mid-war. These local emergency issues, catalogued collectively under the Turró reference system, were legal only within the issuing municipality's boundaries.
At this scale of local issue, survival rates are erratic. Notes from minor Catalan towns were rarely saved systematically, and many were redeemed or simply discarded once the Nationalist administration invalidated Republican-era municipal currency after 1939.