10 Piastres Cambodia Issue

The Institut d'Émission des États du Cambodge, du Laos et du Vietnam was a transitional authority, created in 1952 to replace the Banque de l'Indochine as the monetary institution for the three Associated States as France negotiated its withdrawal from the region. This note was issued specifically for Cambodian circulation — the tri-state issuer printed separate series for each territory rather than a unified note, a political concession to the nominal independence each state had been granted.

Thomas De La Rue's involvement was itself a signal of shifting allegiances; the Banque de l'Indochine had historically used French printers. Cambodia would gain full independence in November 1953, and the Institut itself was dissolved within a few years as each state established its own national bank.