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| 正面铭文 | COOPERATIVA OBRERA - « LA PROGRESIVA » - PARETS DEL VALLÈS VAL 25 CENTIMS Núm. 4811 (Translation: Workers' Cooperative It's worth 25 Centimos) |
| 背面描述 | Pink-brown voucher printed in black letterpress with a circular violet cooperative stamp overprint at centre. The large bold face value "25 CENTIMS" occupies the upper half, with the issuance month and year "AGOST 1937" along the lower edge, all within a plain ruled border frame. |
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Issued by a workers' cooperative in a small Catalan industrial town during the height of revolutionary collectivization, this note is one of hundreds of locally produced emergency pieces that flooded Catalonia after the July 1936 uprising effectively paralyzed the normal banking system. The Generalitat had no immediate mechanism to supply small change, so factories, cooperatives, and municipalities printed their own. La Progresiva was one such body — a cooperative grocery and supply society, not a bank — which had no legal monetary authority but issued anyway, as nearly everyone did.
At 44 × 39 mm, it is among the smallest circulating pieces from the entire Civil War period.