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| 正面描述 | At left, a group of three women in traditional dress represents the three associated states of Cambodia, Laos, and Vietnam, set against a lush tropical foliage background executed in multicolour intaglio. The denomination '100' is printed in large numerals at upper left and right, with the issuing authority inscription across the top and 'CENT PIASTRES' in bold letterpress at lower centre. Two signature panels for 'LE DIRECTEUR' and 'UN ADMINISTRATEUR' appear at upper right, above a vignette of a coastal landscape. |
|---|---|
| 正面铭文 | INSTITUT D'ÉMISSION DES ÉTATS DU CAMBODGE DU LAOS ET DU VIET-NAM CENT PIASTRES LE CONTREFACTEUR SERA PUNI CONFORMÉMENT AUX LOIS EN VIGUEUR |
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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.