10 Đồng

The National Bank of Vietnam was established in 1951 as the monetary authority of the Associated State of Vietnam — still formally within the French Union but operating with its own currency, the đồng, replacing the Indochinese piastre at par. These early issues were a direct assertion of institutional independence, even as French forces remained engaged across the country.

Thomas De La Rue printed the series in London. P#37A is the more elusive of the two signature varieties catalogued for this denomination, which accounts for the premium it reliably attracts over its counterpart.