50 Céntimos Crevillente, Cooperativas Textil y Alpargatera

Crevillente's textile and espadrille cooperatives issued their own fractional currency during the Civil War because the Republican zone suffered a catastrophic shortage of small-denomination coinage — silver had been hoarded or melted, and the central government could not keep pace with local demand. These cooperative-issued notes were a practical fix, circulating within a tightly defined economic community rather than the broader market. The validation stamp was the only meaningful security measure, and its absence renders a note worthless by the cooperative's own rules.

Printed by La Gráfica in nearby Elche, a press with documented output across several Valencian emergency issues of the same period.