100 Francs Bon de Caisse

Luxembourg's Administration des Finances issued this note during a period when the Grand Duchy still lacked a true central bank — the Banque Internationale à Luxembourg and the Belgian franc monetary union were the operative financial realities of the day. The "bon de caisse" designation is deliberate: these were treasury cash vouchers, not banknotes in the full institutional sense, reflecting Luxembourg's constrained monetary autonomy under the 1921 Belgium-Luxembourg Economic Union.

Giesecke & Devrient's Leipzig facility produced the series, and the printing quality is characteristically high for the firm. Pick 36 is the scarcest denomination in this short-lived issue, with surviving examples predominantly in collector hands rather than having passed through heavy public use.