100 Lei

Romania's interwar banking relationship with France ran deep — the Banque de France printed the kingdom's higher denominations through much of this period, a practical arrangement rooted in both technical capacity and political alignment with Paris following the post-WWI reorganization of Romanian territory. The Duval–Ruffe pairing was a prestige assignment; Ruffe in particular was among the most accomplished intaglio engravers working in Europe at the time, and his work shows in the fineness of line typical of French state printing during the period.

The series spans 1930–1932, reflecting Romania's issuing needs during a period of acute financial instability — the global depression hit Romanian agriculture hard, and the National Bank was managing significant pressure on the leu.