This 5 céntimos airmail stamp was issued by the Spanish Republic in 1938 to commemorate the 40th Anniversary of the Madrid Press Association (Asociación de la Prensa de Madrid). The design, by F. Cano and printed by Waterlow & Sons Ltd., features a stylized eagle in flight with outspread wings above a stack of newspapers, symbolizing the strength and reach of the press. Issued during the Spanish Civil War, the stamp reflects both the importance of journalism and the propaganda role of communications in that turbulent period. The bold Art Deco lettering and imagery make it a striking example of Spanish Republican philatelic design.