100 Francs

Pick 69 belongs to a brief transitional window in Belgian note-issuing history — the Banque Nationale was under sustained political pressure during these years to modernize its printing operations, and this series reflects that tension: printed domestically in Brussels rather than farmed out to Waterlow or De La Rue as many contemporary European central banks were doing. Whether that decision was nationalist policy or simple economics is still debated in Belgian monetary historiography.

The watermark-only security approach was already considered inadequate by 1906, and the series was retired relatively quickly. Short emission windows combined with active commercial use make survivors in any condition genuinely uncommon.