5 Centimos La Llacuna; Cooperativa Agrícola

La Llacuna is a small municipality in the Alt Penedès comarca of Catalonia, and like hundreds of similar villages during the Spanish Civil War, its agricultural cooperative stepped in to fill a vacuum left by the near-total disappearance of small-denomination metallic currency. The Republican government's decree of August 1937 formally authorized local entities — cooperatives, municipalities, trade unions — to issue emergency fractional currency, though many had already been doing so for months before the decree caught up with practice.

Cooperativa Agrícola issues of this type were printed or handstamped locally with minimal security features, making condition everything on such a small piece of card.