100 Francs

Crédit Gruyérien à Bulle was one of the cantonal private banks of emission operating under the Swiss note-issuing regime before federal consolidation. The 1874 date places this squarely in the pluralist period when dozens of Swiss cantonal and private institutions each circulated their own paper — a system the Federal Banking Law of 1881 began dismantling, with the Swiss National Bank eventually absorbing all private issuing rights after 1907.

Bulle is the commercial heart of the Gruyère district in Fribourg, and a regional agricultural lender issuing 100-franc notes in 1874 would have served a fairly narrow catchment. Survival rate for such provincial Swiss private issues is predictably low; most were redeemed and pulped during the transition to centralised currency.