100 Francs Large

Pick 37 covers a long print run — 1993 through 2007 — across which the Banque de la République du Burundi made incremental dating updates to an otherwise static design. Burundi's monetary authority had been issuing 100-franc notes in broadly similar formats since independence, and this series reflects the institutional stability the bank maintained even as the country endured severe civil conflict through most of the 1990s and into the 2000s.

The watermark is the sole security feature, modest even by the standards of the period. Notes dated within the worst years of the civil war — roughly 1994 to 2000 — circulated in an economy where informal exchange and barter frequently displaced formal banking channels entirely.