1 Franc

The New Hebrides operated under a Franco-British Condominium from 1906 until independence as Vanuatu in 1980 — one of the stranger colonial arrangements in Pacific history, in which two imperial powers jointly administered the same territory without either fully controlling it. The result was a dual legal system, dual police force, and dual currency, with both French francs and British pounds circulating alongside these dedicated Condominium issues struck at the Paris Mint.

The .1 variety designation distinguishes this from the later KM#4.2 reverse modification introduced in the mid-1970s.