100 Francs

This note belongs to the Allied Military Currency series issued for France following liberation, but P#M9 is the specifically French Treasury variant — distinct from the broadly circulated AMC francs printed in the United States. By 1947 the acute postwar currency chaos had subsided enough that the Banque de France could reassume production, and this note reflects that transition: French-printed, French-engraved, but still under Treasury rather than central bank authority.

Beltrand and Broutin were both established Banque de France engravers with long institutional careers, which gives this note a more refined intaglio quality than the American-produced AMC issues it overlapped with in circulation.