100 Ðồng

The National Bank of Vietnam was established in 1951, which creates an immediate problem for a note dated 1948 — that date places it under the Democratic Republic of Vietnam's first emission series, before any formal central bank existed. Pick 28 belongs to the DRV's early wartime issues, printed under extremely difficult conditions during the French-Indochina War while the Việt Minh government operated largely from jungle administration posts.

Counterfeiting and note substitution were significant problems with this series, and the French actively worked to destabilize DRV currency through forgery campaigns. Surviving examples frequently show heavy rural circulation wear.