100 Afghanis

Afghanistan's Ministry of Finance, rather than a central bank, issued this note — the country did not establish Da Afghanistan Bank until 1939. Orell Füssli, the Zurich firm with roots in the sixteenth century, had built a strong reputation for government securities and banknotes across Asia and the Middle East by the 1930s, making them a logical choice for a landlocked state with no domestic printing infrastructure of any sophistication.

The single watermark security feature reflects the modest anti-counterfeiting expectations of the period for Afghan currency, where geographic isolation provided its own practical barrier to forgery.