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10 Ðồng

Issuer National Treasury of Vietnam
Year 1948
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Value 10 Ðồng
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Obverse lettering MUOI DONG
ĐẠI-DIỆN TRƯỞNG-TÀI-CHÍNH Ở TRUNG-BỘ
拾元
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Reverse lettering VIET NAM DAN CHU CONG HOA
ĐỘC-LẬP TỰ-DO HẠNH-PHÚC
GIAY MUOI DONG
GIAY BAC VIET NAM
THEO SẮC LỆNH CỦA CHÍNH PHỦ VIỆT NAM KẺ NÀO LÀM GIẤY BẠC GIẢ CÓ HÀNH ĐỘNG PHA HOẠI TỜ GIẤY BẠC CỦA CHÍNH PHỦ ĐỀ BỊ TRỪNG TRỊ THEO QUÂN PHÁP
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The National Treasury of Vietnam issued this note during the First Indochina War, when the Việt Minh government was fighting French forces while simultaneously trying to build a functioning monetary system in territory it controlled. Paper supply, printing infrastructure, and distribution were all improvised under wartime conditions — the notes circulated alongside French-issued piastres in contested regions, creating persistent uncertainty about which currency held real value.

Pick 23 is among the scarcer issues of this period. Survival rates are low partly due to the physical fragility of wartime paper stock, and partly because the areas where these notes circulated changed hands repeatedly.