This flag is the representation of "Comunitat Valenciana"
The origins of Valencia date back to the former Kingdom of Valencia, which came into existence in the 13th century. James I "the Conqueror" led Catalan and Aragonese colonization of the Islamic taifas of Valencia and Denia.
The Kingdom was independent inside of the Aragonese crown confederation until 1707, when the first Bourbon king of Castile and Aragon abolished its autonomy in the centralized Kingdom of Spain.
Next attempt to gain self-government was made during the Spanish 2nd Republic, but the Civil War prevented its implementation. Recently, Valencia is officialy recognized as a nationality in the framework of the Valencian autonomous community. Area: 23.255 sq km Pop : 4.695.000 Lan : Catalan (Valencian) Cap : Velenca
Note that there is another version of this flag which you can find in this [link]