100 Francs without 'RÉPUBLIQUE FRANÇAISE' overprint

The Institut d'Émission d'Outre-Mer was established in 1966 to handle currency for France's remaining overseas territories after the dissolution of the Institut d'Émission des Départements d'Outre-Mer's broader mandate. This 100 Francs belongs to a transitional phase in that institutional reshuffling — notes from this period exist both with and without the "RÉPUBLIQUE FRANÇAISE" overprint, reflecting changing administrative designations across different territories rather than a printing error.

The absence of the overprint on P#23 is the defining catalogue distinction from its close variant, P#22. Banque de France produced both at the same Paris facility.