Its a Spanish charity label for a home for telegraph employees that has been overprinted with Falangist symbols and the words "1939 Year of Victory" reflecting victory in the Spanish Civil War.
This is not a Phalangist symbol (which should be the yoke and the arrows) but a military order (Santiago or Calatrava) cross. The words, truly mean "year of the victory" of the (nazi-backed) fascist side on the 1936/39 war.
It's actually a Spanish Republic charity stamp (see the Spanish arms with the republican crown, on the lower left corner) overprinted by the "National" side.
Believe it is the cross of the Order of Santiago. Which was a religious and military order in Spain whose original mission was to counter Muslim invaders, And later protect religious pilgrims on the road to Santiago de Compostela, a city in Spain’s northwest Galicia region.
The Order was restored as a civil association by Spain’s reining monarch, Juan Carlos I.
As noted on the label, this was a voluntary donation to support housing for telegraph workers.
Thanks Cursus and Calstamp for correcting my mistake and for the additional information.
I hadn't heard of the Spanish Military Orders until today and it's been fascinating to read a little about them.
Here's an illustration from Wikipedia of the badges of the four surviving organisations:
At the top is the badge of the Order of Santiago as already discussed along with the badges of the Order of Calatrava (left), the Order of Montesa (bottom) and the Order of Alcántara (right).
The orders were abolished by the republican government so the Order of Santiago formally didn't exist in 1939 (although there would still have been surviving members).
It's interesting that they weren't restored in their new form until after Franco's death.
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