50 Céntimos Llorenç del Penedès

Llorenç del Penedès is a small municipality in the Baix Penedès comarca of Tarragona province, and like hundreds of Catalan and Spanish towns during 1936–1938, its ajuntament issued local emergency fractional currency after the Republican government's chronic shortage of small-denomination coin left everyday retail transactions effectively paralyzed. These municipal vales were technically illegal under central government regulations but were tolerated — then intermittently suppressed, then tolerated again — as no practical alternative existed.

Imprenta Sugrañes in Tarragona produced notes for numerous local authorities across the province during this period, which means wear patterns and paper quality vary considerably depending on circulation intensity rather than print run size. Turró catalogues this as #1369.