Spain, Facist State. A Personal Standard Flag of Generalisimo Francisco Franco, "Caudillo", c.1937

Screen-printed in fuschia, red, yellow, green and black inks, on a white cotton base, illustrating two dragon-wolves (dragantes lobos) thrusting inward, one at the top left and one at the lower right, backed by a wide diagonal slash in yellow, with the Pillars of Hercules in the open fuschia fields of the standard, the pillar at the lower left bearing a banner inscribed "PLVS" (Plus) and surmounted by a royal crown, the pillar at the upper right bearing a banner inscribed "VLTRA" (Ultra) and surmounted by the Franco crown. The hoist sleeve is in thick white cotton and stitched in place along the left edge, with a thick braided twine rope fed through the hoist sleeve and stitched in place to the body of the flag at the top, the top end of the rope with a brass loop attached to a ring with screw, the rope fed through the ring, the other end of the rope extending outward at the bottom, the rope fed through a loop on the brass clip and stitched in place. The standard measures 1,010 mm (w) x 940 mm (h) inclusive of its 40 mm wide hoist sleeve, exhibiting sporadic holes throughout, along with scattered staining and spotting. Fine.

Footnote: 
1. Francisco Franco Bahamonde (December 4, 1892 - November 20, 1975) was a Spanish general who led the Nationalist forces in overthrowing the Second Spanish Republic during the Spanish Civil War and thereafter ruled over Spain from 1939 to 1975 (36 years) as a dictator, assuming the title "Caudillo" (a type of personalist leader wielding military and political power). This period in Spanish history, from the Nationalist victory to Franco's death, is commonly known as Francoist Spain or the Francoist dictatorship. 
2. This is the standard that Generalissimo Franco used as Head of State and Commander-in-Chief of the Armed Forces. The flag was indeed based on an old design, the Banda Real de Castilla (Royal Bend of Castile), that is, the personal flag of the kings of Castile (also used later on by the Spanish Hapsburg kings). Its primitive origin dates back to the times when Castile was only an Earldom, and the Count of Castile used "Gules a bend Or" as his coat-of-arms, before the canting arms of "Gules a castle triple-towered Or masoned Sable windows and gate Azure" were adopted. This "estandarte" (standard) was used (in several sizes and qualities) as a flag on vessels, vehicles, buildings, etc.