10 Ðồng

P#20 is among the earliest issues of the National Bank of Vietnam, established in 1951 — which creates an immediate problem: notes dated 1948 predate the bank itself. These were issued by the earlier financial authority of the Democratic Republic of Vietnam and later retroactively catalogued under the National Bank series, a cataloguing convenience that obscures the political disorder of the period.

Printing was domestic and rudimentary. The DRV government had retreated into the northern highlands under French military pressure, and currency production reflected those conditions — limited equipment, inconsistent ink, variable paper stock. Authentication of genuine examples versus period counterfeits remains genuinely difficult.