1 Franc

Luxembourg's wartime 1 Franc note was a direct consequence of German occupation — with the Grand Duchy's banking system disrupted after August 1914, the state itself stepped in to issue small-denomination paper to prevent a complete collapse of everyday commerce. The Belgian franc had circulated freely alongside the Luxembourg franc before the war, and that parallel use had made small coin hoarding worse when metal disappeared from circulation almost immediately.

P#27 is notoriously difficult to find without folds. The thin wartime paper, combined with heavy everyday use as a substitute for vanished coinage, means that genuinely uncirculated survivors are the exception rather than any kind of rule.