25 Pesetas "Emprèstit Pau Claris" of Catalonia

This note was not actually issued in 1925. The Emprèstit Pau Claris was a loan bond scheme conceived by Catalan nationalist circles in the early 1920s, but the Primo de Rivera dictatorship, established in September 1923, made any formal issuance by a "Provisional Government of Catalonia" legally and politically impossible. What circulated were essentially aspirational documents — part propaganda, part speculative financial instrument — produced by exile or underground nationalist groups invoking Pau Claris, the 1640 president of the Generalitat who briefly placed Catalonia under French protection during the Corpus de Sang revolt.

Miquel Soldevila's involvement points to Barcelona's commercially active graphic arts scene, which supplied design work to both legitimate institutions and politically marginal projects throughout the 1920s.