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100 Francs Without decrees

Issuer Banque de l'Indo-Chine
Year 1920
Type Standard circulation banknote
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Reverse description Brown letterpress print on an overall guilloche underprint composed of dense repeating "BANQUE DE L'INDO-CHINE" microtext bands forming the horizontal and vertical fields. A large open circle occupies the centre, framed by an intricate guilloche border, with decorative squared panels at each corner containing the penal code warning legend in rotated orientation. The lateral margins carry vertical repeating bank-name strips, creating a symmetrical typographic pattern across the entire reverse.
Reverse lettering L`ARTICLE 139 DU CODE PÉNAL PUNIT DES TRAVAUX FORCÉS CEUX QUI AURONT CONTREFAIT OU FALSIFIÉ LES BILLET DE BANQUE AUTORISÉS PAR LA LOI AINSI QUE CEUX QUI AURONT FAIT USAGE DE CES BILLETS CONTREFAITS OU FALSIFIÉS BANQUE DE L`INDO-CHINE
(Translation: Article 139 of the penal code punishes with forced labor those who have counterfeit or falsified banknotes authorized by law as well as those who have made use of these counterfeit or falsified notes. Bank of Indochina.)
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Comments

The Banque de l'Indo-Chine 100 Francs series predates the formal decree framework that would govern later colonial issues — hence the "without decrees" designation, which reflects the authorization structure rather than any deficiency in the note itself. Bramtot and Duval's designs were executed by Wullschleger at the Banque de France's printing works in Paris, giving the note a quality of intaglio finish rarely matched by colonial-issue contemporaries.

Surviving examples in any grade are genuinely uncommon. The 1920 dating places production in the immediate postwar period, when shipping disruptions between France and Indochina meant distribution was slow and uneven.

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