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| 正面铭文 | NGÂN-HÀNG QUỐC-GIA VIỆT-NAM HAI MƯƠI ĐỒNG 20 TỔNG KIỂM-SOÁT GIÁM ĐỐC SỞ PHÁT-HÀNH HÌNH LUẬT PHẠT KHỔ-SAI NHỮNG KẺ NÀO GIẢ-MẠO GIẤY BẠC DO NGÂN-HÀNG QUỐC-GIA VIỆT-NAM PHÁT RA |
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| 背面铭文 | NGÂN-HÀNG QUỐC-GIA VIỆT-NAM HAI MƯƠI ĐỒNG 20 HÌNH LUẬT PHẠT KHỔ-SAI NHỮNG KẺ NÀO GIẢ-MẠO GIẤY BẠC DO NGÂN-HÀNG QUỐC-GIA VIỆT-NAM PHÁT RA |
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The National Bank of Vietnam's relationship with Thomas De La Rue ran through much of the early Republic period, and this 1964 note is a product of that arrangement — printed in London for a government that was increasingly dependent on American financial support to keep its currency credible. By 1964, South Vietnam's monetary situation was under considerable strain, with inflationary pressure building as war expenditure mounted.
At just over twelve million printed, this issue was not a small one, yet survivors in any condition above heavy circulation are not especially common — the notes moved through an economy where paper money was used hard.