100 Piastres Vietnam issue

The Institut d'Émission des États du Cambodge, du Laos et du Viet-Nam was a short-lived transitional institution, created in 1952 as France began unwinding the Indochinese Union. It replaced the Banque de l'Indochine as the note-issuing authority for the three Associated States — a political concession that gave the appearance of monetary autonomy without fully surrendering French control over currency issuance.

This note's 1954 date places it at the worst possible moment: Dien Bien Phu fell in May of that year, and the Geneva Accords partitioned Vietnam in July. The Institut itself was dissolved shortly after, with separate national banks established for each successor state. Notes from this series had an extremely short window of legitimate circulation in southern Vietnam before the State of Vietnam's own currency apparatus took over.