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| 正面描述 | Typeset letterpress design printed in black on plain white paper, enclosed within a double-rule rectangular border with decorative scroll ornaments at each corner. The issuer's name appears at the top in two lines, with the large bold denomination numeral '50' at centre flanked by the text 'Bono por' to the left and 'Emisión 1937' to the right. Three signature lines for El Cajero, El Contador, and El Tesorero are arranged across the lower portion, and a circular red control stamp is applied over the centre of the note. |
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| 正面铭文 | Colectividad de Estercuel (Teruel) Bono por 50 Emisión 1937 El Cajero, El Contador, El Tesorero, (Translation: Collectivity of Estercuel (Teruel) / Bond for 50 / Issue 1937 / The Cashier, / The Accountant, / The Treasurer,) |
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Estercuel is a small village in the Teruel province of Aragon — an area under anarcho-syndicalist collective control through much of the Spanish Civil War. The Colectividad de Estercuel was one of hundreds of local collectives that issued their own emergency scrip in 1936–37 when conventional currency dried up and the CNT-FAO agricultural collectivization effectively replaced municipal commerce with barter-adjacent local exchange.
These village-level emissions were never sanctioned by the Republican government and were typically redeemed — or more often simply abandoned — when Republican authorities reasserted monetary control in 1937. Survival rates for Teruel provincial scrip are low; the town itself changed hands violently during the Battle of Teruel in the winter of 1937–38.