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1 Ðồng

发行方	Government of the Democratic Republic of Vietnam
年份	1948
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面值	1 Đồng
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正面描述	Portrait vignette of President Ho Chi Minh in an oval frame at right, facing slightly left, set against a rural landscape scene with a standing female figure at left and a mountainous background. Denomination numeral '1' appears at upper left and upper right corners, with the issuer's title 'VIET-NAM DAN-CHU CONG-HOA' across the top and 'GIAY BAC VIET-NAM' along the lower border. The note is printed in blue-grey tones with a fine geometric border.
正面铭文	VIET-NAM DAN-CHU CONG-HOA GIAY BAC VIET-NAM
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备注	The Democratic Republic of Vietnam had no functioning central bank in 1948 — the Ngân hàng Quốc gia Việt Nam wasn't established until 1951. These early issues were authorized directly by the government during the active phase of the First Indochina War, printed under extremely constrained conditions with supply lines constantly disrupted by French operations. Printing quality across the P#16 series is notoriously inconsistent as a result, with ink density and registration varying sharply between batches. Notes from this period circulated primarily in Việt Minh-controlled zones. Recovery rates were low.