100 Francs

The Banque de l'Algérie operated under a French colonial charter but functioned with considerable independence from the Banque de France — it retained its own note-issuing privilege long after comparable institutions elsewhere had been absorbed into metropolitan structures. This series bridged a period of significant demographic and economic pressure in the territory, with the 1920s boom in Algerian wine and cereal exports driving genuine demand for higher-denomination paper in commercial circulation.

Romagnoli was among the more accomplished intaglio engravers working in the French tradition during this period, and his name appearing on a colonial issue is itself a marker of the production standards Duval's designs were held to. The watermark security was modest by interwar standards, but consistent across the fifteen-year print run.