100 Francs

Waterlow & Sons printed this note at a time when they were among the most technically capable security printers in Europe, handling paper currency for dozens of sovereign and quasi-sovereign issuers simultaneously. The Banque Internationale à Luxembourg — founded in 1856 and still operating today — was a private commercial bank with note-issuing privileges that persisted well into the interwar period, an unusual arrangement even by the looser standards of European banking law at the time.

Luxembourg's note-issuing framework in this period allowed private banks to circulate their own currency alongside state-issued money, a situation that became increasingly anomalous as central banking orthodoxy hardened across the continent through the 1930s.