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100 Francs - type 1848 provisional transposed

Issuer Banque de France
Year 1848
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Currency Franc (1795-1959)
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Obverse lettering BANQUE DE FRANCE Billet de cent francs 100 F. Paris, le ... 1848 Le Caissier principal, Le Contrôleur, Le Secrétaire général
Reverse description Plain reverse with a large watermark device serving as the principal security element, incorporating the text 'BANQUE DE FRANCE 100 F' within the paper substrate, visible against the unprinted background.
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The "type 1848 provisional transposed" designation refers to one of the more peculiar episodes in French monetary history. Following the February Revolution and the proclamation of the Second Republic, the Banque de France was granted cours forcé — forced-currency status — on 15 March 1848, suspending specie convertibility almost overnight. The bank scrambled to produce small-denomination notes it had never before issued, and existing 100 Franc plates were hastily adapted, with the orientation of certain design elements rotated relative to the standard format. This is what collectors mean by "transposed."

With over twelve million printed in a single year, scarcity is not the draw here — survival rate in any presentable condition is.

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