100 francs - Principauté de Monaco

Monaco has no central bank and no independent monetary authority capable of issuing banknotes under the euro framework — which makes this piece immediately unusual. It is a collector note, not legal tender in the conventional sense, issued under the principality's longstanding right to produce commemorative currency items. The polymer substrate and the 2019 date place it firmly in the modern souvenir-issue category, produced for the numismatic market rather than any circulation purpose.

Gabris is a Slovak designer with a portfolio of similar collector notes for microstates. A watermark on polymer is a technical curiosity — true watermarks require paper; on polymer, the effect is achieved through a window or thinned panel, which is a different process entirely.