50 Céntimos Orellana la Vieja

Orellana la Vieja is a small municipality in Badajoz province, Extremadura — deep in the Republican zone during the early months of the Civil War. The note was almost certainly issued to address a near-total collapse of fractional coinage in circulation, a problem acute enough across Republican Spain in 1937 that hundreds of local entities — cooperatives, municipalities, unions — produced their own emergency paper. The Cooperativa Obrera (Workers' Cooperative) was precisely the kind of labor organization the wartime Republican administration tolerated as a stopgap issuer.

The Gari Montserrat reference is unresolved, which suggests this piece either wasn't catalogued from a physical example or survives in very limited numbers.